The National Authority for the Protection of Consumer Rights (ANPC) has completed inspections of eight other economic and financial banking operators operating on the territory of Romania, on which fines of 400,000 lei were imposed, according to the institution’s press release.

“As part of market surveillance activities, the National Administration for Consumer Protection (ANPC) continued a series of inspections of how banks execute medium- and long-term credit agreements with a maturity of more than 10 years to individual consumers, in lei or foreign currency, as well as if the elements stipulated in the contractual conditions respect the rights of consumers,” the press release states.

In eight economic and financial banking operators controlled by ANPC, ANPC found a violation, that is, a misleading commercial practice committed by them regarding the method of calculating rates, due to the fact that in the repayment schedule, the rate was compiled first in years, 25% of the principal amount, which payable, and 75% interest. Using this method of calculation, consumers actually paid mostly interest, the cited source emphasizes.

“As I already said, the action will continue. Another eight banks were sanctioned for what our Office considers to be unfair relations between them and consumers. As I have already shown, today in the life of those who at one point – they took a loan,” said ANPC President Horia Constantinescu.

According to him, “the financial burden cannot be hidden behind imaginary mathematical justifications. If 1 + 1 is a very correct operation, then the same addition can represent a huge disadvantage in the life of some families. It would seem that small interests are also behind the sale of non-performing loans to collectors. But despite this, “only” 2% represents a significant number of consumers who cannot pay their dues and lead a decent lifestyle. If the degree of tolerance has been calculated for someone without even being called to dialogue, I think it’s time to reassess the whole situation. I shudder when I see the indifference of those who deny reality today,” says Constantinescu.

The eight banks under sanctions are Exim Bank, Procredit Bank, Intesa Sanpaolo, Techventures Bank (formerly Banca Comercială Feroviara), Libra Bank, CEC Bank, Garanti Bank and Vista Bank.

In order to be able to restore the contractual balance, in addition to the counter-conventional sanction, i.e. eight fines amounting to 400,000 lei, the ANPC commissioners proposed a measure to issue new repayment schedules, both for current and future loans, where the principal loan debt is paid by consumers in equal parts during the entire crediting period regarding interest on the loan.

“By implementing this measure, ordinary consumers can benefit from equality between the parties to the contract, but also ensure a contractual balance so that consumers can make an informed decision about the transaction and anticipate any misleading cost or payment method,” the source said. is cited