Fin Min Teodorovici announces amendments to GEO 114, new calculation for ROBOR Index

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The Government will amend next week the Emergency Ordinance 114 through a new emergency ordinance and one of the main changes will be the setting of ROBOR according to interbank and daily transactions in the previous quarter, Finance Minister Eugen Teodorovici said on Friday.

The amendments will mainly target the banking sector and Pension Pillar II. Eugen Teodorovici said that the calculation method will be changed for the ROBOR index, used for calculating the installments for credit in RON. It will be based on actual transactions and not on quotations like today, the minister said, digi24.ro informs.

“Among the most important amendments is the decoupling of ROBOR from the tax on financial assets. This new ROBOR will be calculated according the interbank and daily transactions in the previous quarter, is an arithmetic average to be applied for the next quarter. This is the purpose I have announced since the approval of GEO 114. Our intention to move downwards the cost of financing for Romanians and it is clear that there is a difference between ROBOR based on quotations and the one proposed on transactions, as it is provided by this normative document. I cannot say exactly because it is a daily variation, it is an arithmetic average, but it is clearly decreasing,” Eugen Teodorovici said.

“The second issue to be amended to this ordinance is the one related to the taxable amount of financial assets – less financial assets have remained in the document, the government bonds, the loans to local authorities and government programmes have been excluded. Our desire as government is to do a very important thing in two areas: to lower the cost of financing for those who get loans in national currency and to increase the degree of financial intermediation, which is still low in Romania, i.e. to finance the real economy,” the minister added.

The Finance Minister stressed that one issue will be clearly in the emergency ordinance about Pension Pillar II, namely that a decision should be made by the end of March;  otherwise the effect will come into force for Pension Pillar II.

 

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