Starting on Thursday, January 29, Bancpost will lower its interest rate for CHF-denominated loans by 0.8 percentage points. The bank announces that it will also continue to offer long-term solutions based on the options and needs of every client, which include restructuring, currency conversion and the extension of the crediting period.
Bancpost is the seventh institution that announces measures meant to lessen the effects of the CHF’s appreciation against the RON for clients with CHF-denominated loans.
Thus, OTP and Millennium Bank lowered their interest rate margin by 1.5 percentage points for a three-month period, and Raiffeisen Bank has lowered the interest rate 5 months before contractual terms. Volksbank will maintain the CHF/RON exchange rate used by the bank on December 31 (RON 3.8035/CHF) until April 17, while Piraeus Bank will propose individual solutions for clients that have CHF-denominated loans. In its turn, Banca Romneasca has decided to lower the interest for CHF-denominated loans by approximately 0.8 percentage points, by applying the 3-month LIBOR index that was in force on Monday, January 25 (-0.954 per cent).
Of the total 75,000 persons that have CHF-denominated loans, almost a third (32 per cent) are Bancpost clients, 24 per cent are the clients of Volksbank, 20 per cent of Piraeus Bank, 11 per cent of Raiffeisen, 7 per cent of Banca Romaneasca and 2 per cent of OTP Bank.
The National Bank of Romania (BNR) estimates an accounting loss of approximately RON 4.3 bln (EUR 950 M) for the 11 banks in case CHF-denominated loans are converted to RON at the exchange rate in force at the time the loans were contracted.