CONFERINȚA "Viitorul pieței de capital românești" - Ediția a VI-a
FINES OF 337,000 LEI, FOR ABUSIVE CLAUSES IN LENDING CONTRACTS
BURSA 03.07.2017

ADINA ARDELEANU, RAMONA RADU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
Ianfred Silberstein is an administrator at Easy Credit and strategy consultant with the NBR
     * Some Non-Banking Financial Companies (NBFCs) have been forced to return to their borrowers the money collected illegally, as well as to freeze their advertising campaigns until their activity complies with the law *  The ANPC has also audited Easy Credit, managed by Ianfred Silberstein, consultant with the NBR *  Dan Suciu, NBR: "Ianfred Silberstein is no longer on the payroll since 2015, but he can work as a project-based consultant" *  Provident fined 40,000 lei
       The non-banking financial institutions have been fined a total of 337,000 lei, following the audit conducted by the National Consumer Protection Agency (ANPC), between May 8th, 2017 - June 16th, 2017, according to a report of the ANPC, published by the Parakletos Association.

     The watchdog revealed the abusive terms of the NBFC lenders and the illegalities committed by these companies.

     Aside from fines, the ANPC has issued warnings, has requested the remedy of the shortcomings, as well as putting and end to the incorrect commercial practices.

     Also, the ANPC has asked some NBFCs to repay to the borrowers the amounts that they had collected without any legal basis.
     The ANPC also ruled the freezing of the advertising campaigns of NBFCs until their compliance with the law.
     The authority has audited the loan agreements, with or without a mortgage, concluded by the non-banking financial companies between February 01st, 2017 - May 05th, 2017.
     The non-bank financial institutions which the ANPC audited and uncovered irregularities at include Provident Financial România, Easy Credit 2 All and Easy Credit 4 All, Ocean Credit or Legal Credit.
     Irregularities concerning the advance repayment clause, at Easy Credit
     The ANPC inspectors have also uncovered irregularities at Easy Credit, which the press recently wrote about and reported that it is managed by Ianfred Silberstein, former legal advisor and even legal executive at the NBR and current consultant of the NBR.
     In a report on the abusive interest rates and clauses practiced by NBFCs, Antena 3 presented the statement of Mr. Silberstein that he is not in a conflict of interest, even though he is the head of an institution that is overseen by the NBR.
     Mr. Silberstein claims that he is not an employee of the NBR, which is why he doesn't think the connection of their company with the IFNs can represent a source of conflict of interest.
     Silberstein claims that people don't get informed and sign things too easily and superficially, without reading contracts in advance, which is why they don't find out about those clauses that could prove disadvantageous for them later.
     Lawyer Gheorghe Piperea wrote on Facebook, that the conflict of interest is involved in "blatant and can be seen from space": "Not only is a consultant or advisor of the NBR is an employee of the NBR (or similar), because he is getting a (significant) compensation from the NBR and has positions in most all of the institutions shepherded by the NBR, but Mr. Silberstein is still the president of the Association of Banking Legal Advisors, organizer of one or more banking law seminars. The latest (and probably last) banking law seminar held for judges and prosecutors was organized and held in April at the Romanian Banking Institute under the patronage of Mr. Silberstein.
     In that seminar, (...) it was said, among other things, that the big issue of the banking system was not the criminal, deceitful and abusive of the practices and behavior of the bankers, but the low level of consumer education. (...) Mr. Silberstein said that, in the A3 report, that there is nothing wrong with a penalty interest rate of 0.5% per day of delay as long as the debtor did not open their eyes when they signed the agreement. Like Manole the builder said (ed. note: according to the press, the NBR governor Mugur Isărescu delivered reports, under the code name Manole, as an informant to the former political police, prior to 1989) - a contract is a contract, right? The suckers, the naïve should pay, as they're adults".
     Dan Suciu, the spokesperson of the NBR, told us, on Friday, that Ianfred Silberstein has no longer been on the payroll of the NBR since 2015, but he sometimes serves as a consultant on projects.
     In the same Antena 3 report, Dan Suciu is saying that NBR can't intervene against the interest rates and penalties of 80-7700% a year practiced by non-financial lenders, as they are "commercial" matters.
     The ANPC has found that the Easy Credit 2 All and Easy Credit 4 All of Constanța have violated the legal provisions concerning the early reimbursement of loans.
     Article 40 of the Emergency Government Ordinance din OUG 52/2016 stipulates: "Consumers have the right, at any time, to fully or partially carry out the obligations that are theirs as part of loan agreement before its ending. In that case, the consumer has the right to a reduction of the total cost of the loan, with that reduction consisting of the interest rate and the costs pertaining to the amount repaid in advance for the period between the date of the early repayment and the date the loan agreement ends".
     According to the ANPC, the customers of Easy Credit were expected to announce in writing to the company the intention of making an advance repayment, because otherwise, the lender might construe the depositing of those amounts as an intention of paying in advance the interest for a period of a maximum of half a year.
     The ANPC report mentions: "The economic operator has expressed its willingness to notify all debtors engaged in similar ongoing contracts about the need to eliminate a written request in the case of advance partial repayments, within 15 days from the date of the communication of the present document".
     Provident charged different commissions for the same service, according to the ANPC
     The ANPC has issued a fine of 40,000 lei, in the case of Provident Financial România, amid the fact that the amount of the commission charged was different from one contract to the next, even though the service provided to the consumer was the same.
     The ANPC report mentions: "It hereby clearly follows that these amounts did not represent a unified commission as defined by the law, as being a commission fee which has an identical value to all consumers, which requests from the professional an additional service, regardless of the type of financial product owned".
     In the case of a complaint filed with the ANPC, a consumer signed three contracts on October 7th, 2016, on June 10th, 2016 and April 15th, 2016 thus meaning that three different prices were charged for that service, (910 lei, 1495,45 lei and 1190,77 lei), the report by the institution states.
     Also, the loan application review fee and the single fee must be set as a fixed amount, as the same amount is charged to all consumers with the same type of loan at the same lender, the ANPC notes.
     The report of the ANPC is sizeable, and irregularities have been uncovered at tens of non-bank lenders.
     At Fast Finance IFN, the regulator found that its ads provided information which was misleading to consumers, namely information concerning the currency of the loan (the NBFC does not actually lend in Euros), and the duration of the loan is not 48 hours, but rather the period for the review of the granting decision.
     According to the ANPC, Telecredit IFN SA advertises an interest rate of 1.2%, without mentioning whether it applies per day/week/month/year.
     The ANPC inspectors found that the customers of TBI Credit IFN were also required to sign insurance policies. In the case of one specific loan agreement, an insurance policy of 1,167 lei was signed, of which only 262 would be paid to the insurer, while the rest represented a fee.
     The ANPC states: "As it follows from the description above, consumers, in particular retirees and vulnerable individuals, without specialized knowledge, sign these agreements, and the employees of the professional - the NBFC - have every interest in convincing them to sign these insurance policies with the preferred insurer because almost 80% of the amount of the insurance, on which the consumer pays interest, represents the commission of the agent".
     Parliamentarian Liviu Balint of the Chamber of Deputies, proposes the capping of the Annual Effective Interest rate for NBFCs that are charging absolutely ridiculous rates.
     Liviu Balint said, according to ProTv: "We have to protect the consumers, because they end up losing their homes. There are 10-12 countries in Europe where there are such restrictions."
     The legislative draft is going to be formulated after the parliamentary holiday. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
26.09.2017
BURSELE DIN LUME
     Bursele din Europa au urmat un curs mixt ieri, după ce, în alegerile de duminică, cancelarul german Angela Merkel a câștigat cel de-al patrulea mandat în fruntea țării, însă și-a redus majoritatea...  detalii
26.09.2017
BVB
     * Titlurile FP, cele mai lichide
       Piața principală a Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 83,83 milioane de lei (18,23 milioane de euro), în contextul în care opt...  detalii
25.09.2017
BVB
     * Acțiunile "Fondul Proprietatea" au scăzut cu 1,41%
       Ședința de tranzacționare de vineri a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), BET coborând cu 0,48%, aceasta fiind cea de-a șaptea ședință consecutivă în...  detalii
25.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs mixt vineri, în urma unui discurs al premierului britanic Theresa May privind ieșirea țării sale din UE.  detalii
22.09.2017
BVB
     * Piața, dominată de raportarea tranzacției prin care FP a vândut 2,56% din SNP și de listarea obligațiunilor IIB
     * "SIF Banat-Crișana" și-a răscumpărat aproape 540.000 din acțiuni,...  detalii
22.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs pozitiv ieri, sectorul bancar fiind în ascensiune după ce Federal Reserve (Fed) din SUA a indicat, în ziua precedentă, că va continua să majoreze costul...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 25 septembrie 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
3,0783
2,3502
3,1374
3,9747
0,1766
0,6178
0,2188
4,5965
5,2337
1,4807
3,4515
0,2175
0,4942
1,0767
0,0675
0,4818
1,0992
3,8670
0,2914
1,2374
0,5840
0,0595
0,3417
0,2173
2,8148
0,0385
0,1467
1,0528
0,6142
0,1168
161,0893
5,4848
..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
25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that...  details
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of...  details
19.09.2017
     * Anghel continues to act illegally and puts Sobolewski on the list, even though he didn't submit his candidacy
       Three candidates have been included in the race for the CEO seat of the Bucharest Stoch Exchange (BVB), during the internal selection process initiated by the Board of Directors, namely, Paul...  details
13.09.2017
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
     * Elections at the ANRE this autumn
       Social Democrat leaders have approved the request of PM Mihai Tudose to set up an investigation commission which would audit the activity of the National Authority for the Regulation of the Energy...  details
12.09.2017
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
     * The press release about the results of the BSE has omitted mentioning the IPO of Nuclearelectrica
     * Even though it quotes PwC, the data posted by the BSE differs from that of the consulting firm
       In a promotional campaign that isn't justified by reality in any way, the Bucharest Stock Exchange (BVB) is being maneuvered by its president Lucian Anghel into posting wacky press releases...  details
11.09.2017
THE CONTRACT INCLUDES A NON-COMPETE CLAUSE
     Even though the Bucharest Stock Exchange has announced it is looking for a CEO, it is likely that Ludwik Sobolewski will remain on the payroll of the BSE for two more years, because his contract...  details
11.09.2017
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
     Hundreds of millions of Euros have gone from our banks to tax havens, Minister of Public Finance Ionuț Mișa states, in an interview with a financial newspaper. The official thus confirms what BURSA...  details
07.09.2017
     * "I hope that the government won't use the new fiscal regime of royalties as an intimidation tool against hydrocarbon producers"
     * Interview with PNL Lucian Bode, former minister of the economy
       Reporter: What is your opinion on the decision of the authorities to once again change the Energy Strategy?
     Lucian Bode: To me, the unreliability of the current government is...  details
05.09.2017
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
     * Mr. Hanga hopes for a constructive approach and aimed at the future, and at the development of the BSE
       Radu Hanga, senior advisor for the Board of Directors of Banca Transilvania, is the only candidate proposed to fill out the Board of the Bucharest Stock Exchange, after the death of Cristian Micu,...  details
05.09.2017
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
     * State secretary Andrei Maioreanu: "The updating of the Strategy was necessary, because the existing draft was predominantly focused on the objectives expressed by the EU and less on the objectives of the Romanian energy system"
     * Ion Lungu: "Each government devises a new strategy"
       The amendment of the Energy Strategy in one month is a bad joke, says Jack Cutișteanu, CEO of Petprod, reacting to the announcement made by the representatives of the Ministry of Energy, according...  details
30.08.2017
ISAR, ABOUT THE CONSTANT INCREASE OF THE EURO:
     * Senator Daniel Zamfir wants to call Mugur Isărescu in for hearings, next week
     * Isar: "The opening of the parliamentary session involves multiple negotiations"
     * The leu has weakened to 4.5985 lei against the Euro
       The leu yesterday weakened again, reaching the level of 4.5985 lei against the Euro, after on Monday it was quoted at 4.5958 lei.  details
29.08.2017
     * Dochia: "The pension fund management firms will close down on their own if the fee gets eliminated"
     * Aurelian Dochia: "The government's communication is a permanent blunder, and the result is that nobody is interested anymore in what the authorities are saying"
     * PFP: "The current government, starting with its own prime-minister, is characterized by a ferocious economic illiteracy"
       The 2nd pension pillar continues to be the focus of politicians, who come out with conflicting statements on the matter. After last week, PM Mihai Tudose and deputy prime-minister Marcel have...  details
25.08.2017
THE BSE CRISIS
     The embarrassing situation generated at the Bucharest Stock Exchange (BSE) by its former CEO Ludwik Sobolewski, who, with the complicity of BSE president Lucian Anghel, has tried, against the will...  details
24.08.2017
IF THE CONTRIBUTION IS REDUCED
     * "If the state pension system is the only one that gets kept, eventually the state may be unable to pay the pensions", says Dochia
       The 2nd pension pillar is once again grabs the attention of the public, after information from sources surfaced yesterday that the Ministry of Public Finances intends to cut by half the...  details
23.08.2017
     Ludwik Sobolewski announced, on Monday night, that he has decided not to exercise his mandate as CEO of the Bucharest Stock Exchange, "even though he could", invoking an alleged difference...  details
.