Teodorovici: New calculation formula for ROBOR to be applied only to new bank loans

The new calculation formula for the ROBOR index will not be automatically applied to ongoing loans, and borrowers already contracted will have to refinance in the banking market to replace the old ROBOR index with new index in credit agreements, according to the Finance Minister, Eugen Teodorovici, talking at a DC News conference.

The idea was even suggested by the banking community because, as applied to the old stock of loans, it would have led to the need to revise all RON contracts anchored at ROBOR.

“This is a discussion that is still being held these days, until the government meeting. Our proposal will be that, from a moment after the emergence of the emergency ordinance, somewhere maybe a month or so go to this (new calculation formula, no). Clearly the new credits will apply and for the ongoing loans, the formula for change is the one of the refinancing demand. Those who have credits will probably make a refinancing request with the same bank or other banks, based on the new calculation formula, and if the new interest rate is more attractive, it is clear that the man will decide to refinance. If it will be from another bank, there will be clear competition between banks to give Romanians cheaper financing,” said Teodorovici.

The minister also said that, as far as Pension Pillar II is concerned, the deadline for applying the provisions of OUG 114 will be extended for May.

“With regard to Pillar II, the proposal is that the obligation to pay capital as a difference between what is today and what would be the basis of the ordinance to be made at the end of the year, ie in December and automatically there is no such pressure for June. I proposed for a May deadline to have time for technical discussions to see the final form on what obligations have to be fulfilled in relation to the share capital, where to go, and what is the investment area for Pension Pillar II,” said the Minister of Finance.

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He stressed that the energy-related provisions of GEO 114 would be changed only if they were discussed with the market players and if they had the opinion of the Competition Council.

“I have very clearly asked my colleagues in the government who have some coordinated sectors, such as energy and communications, and come up with proposals for GEO 114 to ensure that the discussions have been held with the market players in advance. The Energy Minister sent last night a set of proposals, we will see today if all these steps were followed, including the opinion of the Competition Council, and if so, this proposal will be found on Thursday in the Government meeting,” said Teodorovici.

Previously, in the same conference, Energy Minister Anton Anton said that the Ministry of Energy proposes to abolish the 2 percent contribution of the coal power producers and has the favorable opinion of the Competition Council in this regard.

But in a response by the Competition Council, sent on 25 March to the Energy Ministry and obtained by AGERPRES, the competition authority indicates that differentiated taxation raises suspicions regarding the granting of state aid. The Competition Council recommends that a measure be agreed with the National Regulatory Authority for Energy (ANRE) and the European Commission.