Senate committee wants new ROBOR index applied to ongoing contracts

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The new ROBOR index, based on transactions, could also be applied to ongoing contracts, as the Senate Economic, Industries and Services Committee voted on Tuesday an amendment to GEO 19/2019 amending GEO 114/2018 on the establishment of some measures in the field of public investment and fiscal-budgetary measures.

“It is a very important change that we wanted badly. We have established and voted in the Economic Committee the new index of ROBOR, the one based on transactions, the real one, to be applied also to the ongoing contracts … Sure, the banks are against. (…) By this amendment, we have established that the new index should also apply to the ongoing loans, otherwise discrimination will be created against those who have ongoing contracts,” the committee’s president Daniel Zamfir said on Tuesday.

Asked about the issue raised by banks that no lower installments are guaranteed by applying the new ROBOR index, Zamfir replied that this is “a new smoke screen from the banks.”

Government Emergency Ordinance 19/2019 amending the way the interest rates for loans in national currency are calculated with floating rate will come into force as of May 2, 2019.

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