OTP Bank managed through the court to suspend the order of the President of the Ukrainian Communist Party of Ukraine from May this year regarding the procedure for calculating loan repayment contributions, the bank reports.

Thus, the application of the measures prescribed by the ANPK against the bank is suspended until the final decision of the court action to cancel the order.

“We reiterate the fact that OTP Bank Romania ensures the right of its clients to choose the method of entering into a contract and repaying loans in equal or reduced installments, depending on their requirements and needs. Thus, clients can choose the desired option from the moment of signing the loan, as well as during the entire repayment period, in accordance with the legislation and the degree of indebtedness,” the cited source notes.

Several banks have achieved similar victories, among them BRD, Banca Transilvania or Alpha Bank.

It will be recalled that the ANPC sanctioned the banks for what it called “deceptive commercial practices in calculating rates” on the grounds that the repayment schedule had the rate in the early years consisting of 25% of the principal balance to be repaid and 75% of the interest .

Fined twice. The first time it was directed at 11 banks: ING Bank, First Bank, Credite Europe Bank, OTP Bank, Alpha Bank, Banca Transilvania, Raiffeisen Bank, BCR, Patria Bank, Unicredit Bank, BRD Groupe Societe Generale. They were fined 550,000 lei, and “in order to restore the contractual balance” it was proposed to issue new reimbursement schedules.

ANPC subsequently fined eight other banks 400,000 lei: Exim Bank, Procredit Bank, Intesa Sanpaolo, Techventures Bank (formerly Banca Comercială Feroviara), Libra Bank, CEC Bank, Garanti Bank and Vista Bank.