Volksbank seeks EUR 1 mln in damages from government

Newsroom 04/04/2011 | 11:32

Volksbank Romania is suing the government and the national authority for consumer protection, claiming EUR 1 million in damages. Bank officials say the claim is justified in view of the damages the bank incurred through the emergency ordinance 50/2010 on consumer credit.

Volksbank Romania went to court last year to ask for the suspension of the ordinance, but the Bucharest Appeal Court dismissed the claim as ungrounded.

After the ruling, the bank submitted to the same court its request for damages from the state.

According to legal sources, quoted by media reports, the sum does not represent the total value of the bank’s claims, but it summarizes the losses incurred up to that moment.

The ordinance stipulated, among other things, the elimination of anticipated reimbursement commission for credits with a flexible interest rate, the calculation of the interest rate on a transparent reference index and the limitation of banks’ commissions to four.