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January 16, 2021

BNR: About 6,000 debt discharge notifications at 2016-end, 2pct of maximum admissible level

The number of debt discharge notifications reached 6,400 at the end of 2016 and the volume of notified loans stands at 1.8 – 1.9 billion lei, taking into account that the pace has dropped from over 1,000 files per month, in the first month since the Law was enforced, to 100 – 150 files per month, over the last months of 2016, Deputy Director of the Financial Stability Directorate within the National Bank of Romania (BNR) Florian Neagu stated on Tuesday.

“If we take a look at the actual statistics, to what is currently happening on the market, we can see that the number of debt discharge notifications at the end of December 2016 was approximately 6,400, and the volume stood at almost 1.8 – 1.9 billion lei. It isn’t high, but it isn’t low either. (…) If in the first months since the Law was adopted we had over 1,000 notifications per month, over the last months of last year, the average reached 100 – 150 notifications per month, but remains to be seen what will happen, because it just might be a waiting period, and it could start again,” Neagu explained.

However, according to the BNR official, the data confirms the initial estimations, according to which hundreds of thousands of cases were to use this procedure. Neagu also explained that, according to the BNR analysis, almost 300,000 debtors would be eligible for debt discharge and the loans volume would be 42 – 43 billion lei.

“This is the extreme case scenario. Making a comparison to what is happening on the market, we established that we have almost 2 percent notifications of the maximum admissible level and the trend shows a significant flattening,” the BNR representative added.

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