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October 3, 2022

Volksbank Romania sues the Government over the damages caused by OUG 50

Volksbank Romania sued the Government and the National Authority for Consumers’ Protection (ANPC) for the damages caused by OUG 50/2010 on consumer loans, seeking compensations worth about EUR 1 M, according to official sources quoted by Mediafax. “The Executive received very badly the request, especially as the ordinance was modified in Parliament in line with the demands made by commercial banks, and the law was promulgated by President Basescu,” government sources said. Volksbank Romania officials confirmed the piece of information, but did not want to elaborate. In September 2010, the bank asked in court the suspension of Ordinance 50/2010 on consumer loans, but the Bucharest Court of Appeals rejected the claim as unfounded. Later, the bank sought the cancellation of OUG 50/2010 also at the Bucharest Court of Appeals, also in administrative contentious, in a lawsuit that also targeted the Romanian state, this time. The bank is represented in court by the law firm Nestor Nestor Diculescu Kingston Petersen (NNDKP).

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