Banks have calculated a total loss of approximately RON 5 bn (over EUR 1.1 bn) as a result of class actions over abusive clauses in the credit agreements with individual customers, the impact study being done by the National Bank of Romania who has informed the Government, Mediafax notes. Following such class suits to be allowed by the new Civil Code, banks will be forced to change clauses ruled abusive by Courts hearing such litigation in all their lending agreements.
The BNR simulation considered all clauses that might be ruled abusive in Court, also if credit agreements are not considered negotiated agreements. Law 193/2000 on abusive clauses in the agreements concluded between operators and consumers says clauses for which negotiation cannot be proved may be declared abusive. However, it appears that there have been banks who have argued that the impact would be minimal and that they could not lose any court case.
Judicial sources say the impact study shows a deterioration of the financial situation of two major banks, however without posing any bankruptcy risk for any of the lender as a result of the enforcement of the new legal provision. In fact, class action suits against providers are regulated by European directives.
