ECONOMY FINANCE&BANKING

PM Ciolos: Law on conversion of loans is to fix people’s problems, not speculators’

Prime Minister Dacian Ciolos says in respect to the Government having sent the law on conversion of loans taken in Swiss-francs to the Constitutional Court of Romania (CCR) that the law must fix problems of people in need, not those of speculators.

“I did my duty for those people by supporting this law with the proposed amendments, in order to solve people’s problems and not those of speculators, who got loans of millions. If we do not submit the law to the Constitutional Court before it is enforced, it could come into force and later being challenged by some banks, with the beneficiaries facing disastrous results if it was to be found with unconstitutional elements. If the law is found now with unconstitutional elements, we still can change it before comes into force,” Dacian Ciolos stated in a comment on Facebook.

The PM has answered to a person criticizing the Government’s decision to send the law to the CCR.

On Wednesday, the CCR decided to postpone the discussions over the bill’s constitutionality on the conversion of loans taken in Swiss-francs for 18 January.

When exiting the courtroom, CCR President Valer Dorneanu stated that the law postponement was needed to identify the solution and correlate it with the one issued on the debt discharge law.

One month ago, the Government challenged with the Court the draft law adopted by Parliament on the conversion of into Swiss-francs loans to the rate of the date the loan was granted.

The draft law on the conversion of Swiss-franc loans was adopted by the Deputies’ Chamber as a decision-making forum on October 18.

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