The Gov’t wants to guarantee half of the debt from loans in foreign currency. Analysts say the banks are actually receiving support

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The government wants to guarantee half of the debt converted into RON of the people who have taken housing loans in foreign currency. The bill was presented on Tuesday in the Budget Committee of the Chamber of Deputies.
The Ministry of Finance representatives have presented to the Budget and Finance Committee of the Chamber of Deputies the draft law that requires the state to provide 50% guarantees when a customer wants to convert his loans from Swiss Francs to RON.
It is a guarantee similar to the one granted by the state for the ‘First House’ loans.
The customer would be able to go to the bank and, if it meets the bank’s requirements, he will be able to request the conversion of the foreign currency loans to RON, and this credit will be applied a 15% discount.
The credit resulting from the 15% discount will be thus 50% guaranteed by the state. This means that the state will cover 50% of the credit risk of credit non-reimbursement.
MEPs stressed that the draft law is not particularly about CHF, as the state cannot submit projects with dedication to a particular currency, but admits that most beneficiaries will be the citizens who took loans in Swiss Francs.
Viorel Stefan, chairman of the Budget Committee of the Chamber of Deputies explained that the citizens would be helped by this project. He said that the state cannot force the banks to provide a 15% discount, so lawmakers expect that the 50% state guarantee would determine the banks to want to help citizens, as banks want repayment of loans without activating the mortgages.
Financial analysts are however reluctant, saying that by this formula, the state would actually help the banks and not the citizens, by taking over the tasks of recovering the money, while banks recover their money.

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