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Romania set to approve CHF loans conversion at historical rates-MPs
October 7, 2016 / 9:11 AM / a year ago

Romania set to approve CHF loans conversion at historical rates-MPs

BUCHAREST, Oct 7 (Reuters) - Romania’s budget, finance and legal committees are likely to overwhelmingly approve on Monday a bill to help Swiss franc borrowers convert their mortgage loans in local leu currency at historical rates, deputies said on Friday.

Over the past weeks there have been debates on converting loans including one proposing the conversion of hard currency loans by individuals at historical exchange rates plus a 20 percent increase, or offering state guarantees to banks and a discount to borrowers.

“We back a historical rate conversion. There’s agreement (among MPs). We should have approved this long time ago, people are right to have demanded this solution,” legal committee member Nicolae-Ciprian Nica told Reuters.

Social Democrat deputy Iuliu Nosa, vice-president of the Budget and Finance committee said: I‘m confident that nothing surprising can happen, I do expect conversion at historical rate solution to clear committee on Monday and, if all goes well, will pass parliament later in the week.”

“Costs for banks would be bearable.” (Reporting by Radu Marinas)

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