BUSINESS

BNR accused of shielding banks and loan contracts containing abusive clauses

AURSF (the Romanian Financial Service Users’ Association) claims BNR (the National Bank of Romania) allegedly shielded the banking system and loan contracts containing abusive clauses for financial stability purposes, although this behavior is not in the best interest of either consumers or loan institutions, Mediafax reports. “However, the stability of the banking system should not be achieved at the expense of consumers’ right to decent living,” Alin Iacob, Chairman of AURSF, stated yesterday. Between 2005 and 2008, he pointed out, clients had very high confidence in the financial system and, having good faith in bankers, they did not expect them to introduce abusive clauses in pre-defined loan contracts.
On the other hand, the banking system had the stamp of approval by BNR, an institution perceived as a guarantee of banking integrity. Iacob believes the banking system should help clients, at least in the twelfth hour, and offer solutions to prevent banks from having to go to court. “If this concept is understood, financial stability will be durable and matters will not have to be solved in court,” Iacob stated further. The chairman of AURSF also said he cannot comprehend how authorities managed to convince IMF experts to include blocking of the personal bankruptcy law in the letters of intent, considering that the international financial body expressly asked for such enactments in states much more severely affected by the crisis, such as Greece and Hungary.
The Romanian Financial Service Users’ Association, established recently and exclusively for consumers in the financial system, announced one of its objectives was to represent bank and insurance company clients who should be compensated for the performance of contracts containing abusive clauses.
Even though the Association is young and does not have the necessary authority to legally represent clients, its First Vice-Chairman, Costel Stanciu, is also the chairman of APC (the Consumer Protection Association), the oldest and most representative consumer protection association. In fact, Stanciu stated the first collective lawsuit on abusive clauses in banking contracts would be initiated by APC at the start of next year.

Related posts

Mihai Tanasescu is new EIB Vice-President

Nine O' Clock

Authorities are in a rush to inaugurate unfinished works

Test

PM Dancila: Romania sees record level of foreign direct investment in first two months

NINE O'CLOCK

Leave a Comment