Gala BURSA "Deceniul European din Centenarul României"
AFTER FINDING THAT THE STRATEGY OF RAIFFEISEN BANK WAS DISHONEST
BURSA 19.10.2017

EMILIA OLESCU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Daniel Zamfir: "It has been proven that Raiffeisen has cheated people. There is nothing left to debate"
     *  Bogdan Pandelică: "The order for the cessation of the unfair practice of Raiffeisen Bank has been issued, I will sign it in a few days"
       All the banks that have granted CHF loans will be audited by the National Consumer Protection Authority (ANPC), its chairman Bogdan Pandelică, announced yesterday in the Economic Commission of the Senate.
     The decision was made upon the request of PNL senator Daniel Cătălin Zamfir, the president of the specialized commission, who, aside from the head of the ANPC, also heard the representatives of the banking sector in the case of Raiffeisen Bank.
     The ANPC levied a 50,000 lei fine against Raiffeisen Bank for unfair practices and decided their termination. The decision of the ANPC comes following the requests of the Tudose government and of the Presidential Administration, which have asked the institution to provide a resolution to a petition sent by the Group of CHF borrowers (GCCC).
     That complaint concerned the leak, in the month of July, of internal documents attributed to Raiffeisen Bank, which show the strategy of the bank when it came to granting CHF loans.
     Bogdan Pandelică yesterday said in the Senate that on Monday was issued the Order to cease the unfair practices, which will be signed today or tomorrow at the latest.
     According to him, Raiffeisen Bank will be required to eliminate the clauses which involve the application of those practices for CHF loans. The contracts in question would revert to their initial form and the bank would be required to issue a new repayment schedule, at the initial interest rate.
     "The ANPC found that not only has Raiffeisen not informed its customers about the risks of borrowing in CHF, but more than that, it has presented the product as safe, stable, and with a low interest rate. The audit will need to be extended to all the banks that have issued loans denominated in CHF, because all of the eight banks followed the same script", said Daniel Zamfir.
     Florin Dănescu, the executive president of the Romanian Banking Association (ARB), addressed senator Zamfir, and urged him not to generalize by referring to all banks, when speaking about a certain context or a certain bank. Florin Dănescu said: "There are, after all, ten million depositors who have no issues with trusting banks. If that trust is lost, then major problems can occur. There are also the debtors, of whom just some have problems in their relationship with the banks".
     In response, Daniel Zamfir said: "It has been proven that Raiffeisen has cheated people. There is nothing left to discuss".
     The documents leaked online this summer showed that in February 2009, the Assets and Liabilities Committee of Raiffeisen Bank approved a new pricing structure for the guaranteed loans acquired starting with February 1st, 2008, which concern the hike of the interest rates on CHF-denominated loans. One of them, dated May 10th, 2007, was detailing a re-pricing program for the loans granted in 2006, which stipulated three stages, of which the latter two were targeting interest rate hikes - in September 2007 and respectively in January 2008 - for the previously granted CHF loans.
     One of the internal documents attributed to Raiffeisen Bank said: "If customers request additional explanations about the reasons for the interest rate increase, and ask for a refinancing of the loan (through a loan from a different bank), the following arguments can be used:
     - the borrower should be told not to forget that the interest rate offered by the other banks is set in the first year and would increase the next. If they were to refinance now with another bank they would bear some significant expenses (...) which could go as high as 2000-2500 Euros for an average loan of 30,000 Euros, in order to benefit from a lower interest rate for just a year, after which they would find themselves in the same situation as before;
     - The customer shouldn't just look at the interest rate, but also at the commissions charged by the competing banks (monthly or annual maintenance fees, loan origination fee). If those fees are taken into account, they will see that they will end up with the same interest that Raiffeisen is charging them, or higher;
     - If they decide to refinance the loan they have now at RBRO, they should also think of the costs: 3% - early repayment fee, loan application review fee at the other bank, appraisal report fee, notary fees that can be substantial, origination fee. If they add these amounts and divide the amount by the loan duration, they will see that the monthly payment will be the same or even higher;
     - The customer has benefited from a promotional interest rate in the first year, which allowed them to qualify for a bigger loan. But now, the interest rate has become variable and has been brought to match the market. But the customer can be told, for those who have mortgages denominated in Euros, that they are getting a good interest rate anyway (8.5% compared to 9% which the interest rate currently being offered by the bank - for the interest that can be reviewed)".
     An address recently sent by the National Consumer Protection Authority (ANPC) to the attention of GCCC states: "Concerning your complaints sent to the General Secretariat of the Government, and to the Presidential Administration, respectively, redirected to the National Consumer Protection Authority (...) directed against Raiffeisen Bank SA, we inform you that following our investigations, the investigation team has uncovered violations of the law no. 363/2007 concerning unfair trade practices, which is why the company has been sanctioned for violations of that law, and has been required to cease its unfair trade practices. We must mention the fact that the bank reserves the right to challenge in court the sanction and the measures that were decided against it".
     The audit team of the ANPC has found that the bank did not do all the necessary due diligence in its relationship with the consumers, demonstrating "a total lack of concern over the consumers' degree of indebtedness", the minutes show. "Between February - December 2008, Raiffeisen Bank issued 914 loans with a promotional interest rate of 4.6% and had input in the system the fact that the exchange rate would be at 5.4% after a year (information which was not made available to any of the consumers) and subsequently raised it by 5.6%. According to the contract, debtors could have opted for a flat interest rate, but that option was not within the field of view in order for the consumer to accept that option (8.6%/year, 14%/3 years, respectively). According to the complaint, it becomes clear that the bank would use this practice for its entire loan portfolio (including lei and Euros). (...)9,658 customers were affected, for an amount of 389.2 million Euros".
     The quoted document shows that, in one of its opinions, Raiffeisen Bank says that it does not rule out the situation "where those original documents were stolen by the individual/individuals that leaked them to the press". In this context, the ANPC stresses that "the bank does not deny the validity of the documents that have appeared in the press".
     The affected consumers have the right to demand in court the recalculation of their interest rates and the reimbursement of the amounts unfairly collected by the bank.
     The representatives of Raiffeisen Bank told us that they would challenge the resolution of the ANPC. In summer they told us that the bank has always complied with the legislation applicable to the contracts it signed with all its customers, and starting with 2009 it has proposed a number of measures to relieve the financial burden of their borrowers who were having difficulty repaying their loans, "even if that meant additional capital costs and the reduction of the bank's revenues". 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
Newsletter Facebook Twitter YouTube LinkedIn RSS
Actualitate - vezi toate știrile mai jos.
Strategia Naţională Anticorupţie, 21:44
LAURA CODRUȚA KOVESI:
     Din cauza deciziei Curții Constituționale a României (CCR) de redefinire a abuzului în serviciu, peste 200 de dosare au fost clasate în acest an, iar prejudicii de 188 de milioane de euro din aceste dosare nu mai pot fi recuperate, întrucât faptele nu mai pot fi cercetate, a declarat în această seară procurorul șef al Direcției Naționale Anticorupție (DNA), Laura Codruța Kovesi.  detalii
Companii-Afaceri, 21:08
     Agenția Națională pentru Ocuparea Forței de Muncă (ANOFM) avea înregistrate astăzi, în evidențele sale, un număr de 26.081 de locuri de muncă vacante, potrivit datelor furnizate de agenții economici, se arată într-un comunicat de presă al instituției.  detalii
Strategia Naţională Anticorupţie, 20:44
KOVESI, DESPRE O POSIBILĂ REVOCARE A SA:
     Procurorul șef al Direcția Națională Anticorupție (DNA), Laura Codruța Kovesi, a afirmat, în această seară, că nu are emoții privind o posibilă revocare a sa din funcție și că își va face treaba până în ultima zi de mandat sau "până în ziua în care se cere revocarea sau ce se mai poate cere".  detalii
Internaţional, 20:22
     Patru din principalii indici bursieri europeni au închis ședința de tranzacționare de astăzi în apreciere.  detalii
Piaţa de Capital, 20:03
     Indicii de pe Bursa de Valori București (BVB) au închis în teritoriu pozitiv a doua ședință de tranzacționare a săptămânii, lichiditatea totală fiind de 40,28 milioane de lei (8,65 milioane euro), peste rulajul înregistrat ieri (5,7 milioane euro).  detalii
Ediții precedente
Jurnal Bursier
21.11.2017
BVB
     Bursa de Valori București (BVB) a înregistrat, în prima ședință de tranzacționare a săptămânii, o lichiditate de 26,7 milioane de lei (5,7 milioane de euro), cu mult în scădere față de ședința de...  detalii
21.11.2017
BURSELE DIN LUME
     * Piețele au depășit impactul inițial negativ generat de impasul politic din Germania
       Bursele din Europa s-au înscris pe un curs pozitiv ieri, în a doua parte a zilei, după ce, anterior, scăzuseră pe motiv că negocierile pentru formarea unei coaliții de guvernământ în Germania erau...  detalii
20.11.2017
BVB
     * Piața, dominată de tranzacțiile cu obligațiuni, care au generat peste 80% din rulajul total
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ultima ședință de tranzacționare a săptămâ-nii a fost de 266,56 milioane lei, mult peste media anuală de 48,61 milioane de lei, în...  detalii
20.11.2017
BURSELE DIN LUME
     Acțiunile de pe piețele europene au scăzut vineri, din cauza estimărilor dezamăgitoare lansate de unele companii.  detalii
17.11.2017
BVB
     * SIF5 a cumpărat 7,57% din "Turism Felix", printr-un "deal" de 7,5 milioane lei
     * Rulaj de 10 milioane euro, în ședința de joi
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în penultima ședință de tranzacționare a săptămânii a fost de 46,21 milioane lei (9,96 milioane euro), puțin peste rulajul de miercuri...  detalii
17.11.2017
BURSELE DIN LUME
     Acțiunile tranzacționate pe piețele din Europa au urcat ieri, cele mai importante câștiguri fiind înregistrate în sectorul construcțiilor, după ce firma franceză "Bouygues" SA a raportat...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 21 noiembrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0042
2,3802
3,0995
3,9960
0,1822
0,6255
0,2249
4,6551
5,2461
1,4877
3,5249
0,2251
0,4802
1,0999
0,0667
0,4669
1,0017
3,9650
0,2813
1,2166
0,5977
0,0611
0,3643
0,2091
2,7052
0,0392
0,1498
1,0795
0,6153
0,1210
163,2575
5,5883
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
08.11.2017
     * A 39% stake belongs to Russian millionaire Sergey Lobanov, who is being criminally investigated in Russia for alcohol contraband
       Banca Transilvania intends to buy an initial stake of over 39% of Victoriabank, the third largest bank in the Republic of Moldova, and together with the EBRD, would own a majority stake, according to a press release sent yesterday.  details
07.11.2017
     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
     * The FP-Electrica deal, among the topics of the PNL vote of no-confidence against Energy minister Toma Petcu
       It seems the stock market did not take kindly to the approval of the transaction by which "Electrica" acquires the stakes of the Proprietatea Fund in its branches, at least for now, because EL stock dropped abruptly, immediately after the general shareholder meeting of October 26th.  details
06.11.2017
     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
     * "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     * "Within three years at most, Romania can draw 3 billion Euros in European funds"
     * "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
     Esports, no longer the "unruly" child of the tech and sports entertainment fields, has established itself as a legitimate and profitable industry. Romanian production company PGL is at the forefront of its acceptance and growth.  details
30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
.