BNR's Chiritoiu: We are pleased with BNR's intention of making an exception from debt cap in refinancing

Refinancing loans would be exempted from the debt cap established for the population, the head of the Competition Council, Bogdan Chiritoiu, stated on Saturday in Sinaia. 

"The National Bank of Romania's main duty is to ensure the stability of the banking system. Thus, they are concerned with the banks not taking excessive risks and grant loans to people who won't be able to pay them back, for this would risk the solidity of the entire banking system. What we have discussed with them was the priority that we consider refinancing is, for it's important to have competition between banks not only in attracting new clients, but also in offering better conditions to the ones who already hold loans with another banks. In other words, it's important that a client won't be stucked with a bank once he/she took a loan from that respective bank, if another bank is ready to offer him/her more favourable conditions. This is why we are very pleased with the BNR's intention to make an exception from the debt cap in the case of refinancing," said Bogdan Chiritoiu, who attended a seminar organised in Sinaia by the Competition Council and the Council of the Banking Employees in Romania. 

Thus, regardless of how heavy the burden is for a client who has a loan contracted with a bank, if he finds a more advantageous refinancing loan, with smaller interest rates, he should be able to move to that bank. 

The same idea was mentioned at the seminar also by the head of the BNR's Department for Financial Stability (BNR), Eugen Radulescu.