ECONOMY FINANCE&BANKING

Romanian Association of Banks asks President Iohannis to challenge debt discharge law with Constitutional Court

The Romanian Association of Banks (ARB) has sent President Klaus Iohannis a letter asking him to challenge a recent debt discharge law with the Constitutional Court of Romania (CCR), having also submitted the document to the Standing Bureau of the Chamber of Deputies for information.

In the letter, ARB asks the President, by virtue of his powers, to notify the Constitutional Court, arguing that the law, as passed, “violates the constitutional rights of all the credit institutions that are ARB members.”

“In the vision of the banking community, the law is unconstitutional from multiple vantage points that regard incompatibility of the law with the Constitution, violations of the non-retroactive principle, the predictability and accessibility of legal rules (the principle of economic freedom and guaranteeing ownership), as well as of antinomies of the law versus the civil law and common procedure law,” reads the ARB letter.

The banking community also says that by turning an asset pledged as surety into a means of payment for debt discharge, verifications should be conducted to see whether or not the principle of judicial security is breached, an instance that has repeatedly been penalised by the Court of Justice of the European Union.

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