GALA BURSA CONSTRUCTIILOR - 2018
LIBERAL SENATOR STRIKES AGAIN
BURSA 21.02.2018

Emilia Olescu (translated by Cosmin Ghidoveanu)
 
mărește imaginea
"The capping of interest rates is a European practice. There are numerous countries in Europe which practice a capping of interest rates and we have decided to join them as well. The measure will be valid for banks as well as for IFNs, only for new contracts", Daniel Cătălin Zamfir said.
     *  Senators have voted for the annual effective rate to be at most 2.5% higher than the policy rate when it comes to mortgage
     *  The law will go to the Chamber of Deputies - the decision making forum
     *  Senator Zamfir: "Today, we have become European as far as the manner in which loans are granted as well"
       PNL senator Daniel Cătălin Zamfir does not disappoint. His draft law concerning the capping of interest rates was the first that appeared on the agenda yesterday, in the common meeting of the specialized commissions and despite the controversies between him and a few other party colleagues, including the president of the Economic Commission Florin Cîțu, the liberal got more than he had made his objective initially - not just the capping of compensatory and penalty interest rates, but also the capping of the annual effective interest rate charged by banks and Non-Financial Banking Institutions (IFNs).
     The annual effective interest rate charged on mortgages and real estate loans will be limited to 2.5 times greater than the policy rate set by the National Bank of Romania (NBR) - which currently sits at 2.25% -, if the draft law approved yesterday by the joint commissions of the Senate (economic, budget and legal) also passes the Chamber of Deputies, which is a decision making forum.
     The draft law also concerns the annual interest rates pertaining to consumer loans, granted by banks as well as Non-Financial Banking Institutions (IFNs). In their case, the maximum Annual Effective Interest rate will be capped at 18%, according to the version which was approved by the three specialized commissions.
     "Today, we have finally entered Europe in the manner in which loans will be granted from now on as well", liberal Zamfir said after yesterday's vote.
     He mentioned: "The capping of interest rates is a European practice. There are numerous countries in Europe which practice a capping of interest rates and we have decided to join them. The measure will be valid for banks as well as for IFNs, and for contracts only.
     We have decided to cap the DAE, because most of the time, even if we had capped the compensatory or penalty interest rates, there would be various mechanisms for the introduction of commissions and other costs which would have raised the Annual Effective Interest rate. We are interested in Romanian citizens knowing very clearly, from the beginning, how much they will have to pay in total, in terms of the interest rate".
     The representatives of banks present at the session of the joint commissions did not agree to the capping of the interest rates. Mihaela Hăncilă, of the Association of Financial Companies of Romania (ALB), said: "We do not consider the 18% cap as opportune, because the interest rates are pegged to the ROBOR and cannot be capped".
     On the matter, lawyer Gheorghe Piperea posted the following message on Facebook, quoting a European report of 2010: "The statistics show that in countries such as France and Germany, where there are caps of the annual interest rate, the sub-prime loans category (loans that have very high costs aimed at individuals with low income, without credit history or with an unfavorable one) does not exist. Also, statistics show that the effects are more visible in the periods of economic and financial crisis. Thus, in 2008, the number of non-performing loans was higher in states that didn't have legal provisions capping the interest rate on loans.
     The annual median effective interest rates in France: 3.38%.
     The annual median effective interest rates in Germany: 3.36%.
     The maximum cap of the DAE in Spain - 2.5 times the policy rate of the central bank.
     The median interest rate at the level of the European Union was 3.45%, and respectively 5.17% and 5.07%, depending on the maturity of the loan, in 2010, when the effects of the economic crisis caused by the banks through sub-prime loans (where the economic and legislative environment were being felt in full and painfully).
     In Romania, over the same period, median interest rates of 6.65%, 11.60% and 12.97% were being paid (double or even triple the European median). The interest rates are the highest on short term loans, without guarantees and with amounts of less than 20,000 Euros, aimed at the most vulnerable borrowers (sub-prime). The lowest interest rates are on mortgage. The median interest rates are on real estate loans that are bigger than 20,000 Euros".
     The president of the Economic Commission in the Senate Florin Cîțu points out that only 11 EU countries have caps on interest rates, and the effects of that action were the withdrawal of the financial investments from the poor areas, market segmentation and the limitation of the number of financial products.
     *  Senators have also approved the project which limits the profits of debt collectors
     Senators from the three commissions have also issued a favorable report to the legislative draft which caps the profits of debt collectors, also initiated by Daniel Zamfir.
     This also stipulates the reintroduction of the litigious retraction, which existed in the Civil Code up until 2011, namely the right of the dispossessed debtor to acquire it from the debt collection company by paying twice the amount paid by said firm to acquire that asset from the bank. Daniel further said: "We thought about capping the profit of debt collection firms. I find it absolutely reasonable to sell the buildings at twice the amount they spent to acquire them. And the debtor has the right of first refusal. Essentially, the initiative brings those assets back on the market. If the debt collector has bought a property at 10% of its value, then that was not the real market price. When the debtor has the right to buy their home from the debt collector at twice the amount they paid to the bank, I can assure you that the latter won't be selling it at 10%. I think that a reasonable discount would be 30% and therefore, the debtor will never be interested in buying under those circumstances, except if that price is the real one. As a result, all we are doing is to rebalance the market, and debtors need to have the opportunity to pay the real price".
     Senators have postponed the debate of the legislative draft concerning the leasing contracts, after on Monday, some amendments have been submitted concerning the legislative initiative.
     This is aimed at " regulating the foreclosures segment and the leasing market, by rebalancing the contracts in those areas", as explained last year by Daniel Zamfir: "This initiative, which is similar to the Law of Giving in Payment, is meant to put a damper on debt collectors and to rebalance the leasing contracts. Once dispossessed of their assets, consumers should have the right to have their debt extinguished. We want these titles to no longer be enforceable deeds, but instead for a trial to be needed for that to happen. At the same time, the leasing contracts have to be rebalanced as well, as the Constitutional Court has decided needs to happen to the loan contracts. All the areas need to be regulated so that there is not a dominant position, but one of equilibrium between the parties".
     Daniel Zamfir claims that his legislative projects have been sent back to the economic commission in violation of the procedure, because the commission had already voted on them once. In response, Florin Cîțu says that no procedure has been violated, as he claims that the draft laws in question needed the final report of the three joint commissions which met yesterday, even though they had been voted by each individual commission. 
 

 
Readers' comments    [ add a comment ] 
Trimite părerea ta.
Nume (maxim 50 caractere)
E-mail (optional)
Titlu (maxim 50 caractere)
Mesaj
 
REGULAMENTUL MESAJELOR
Acord
Prin trimiterea opiniei ne confirmați că ați citit regulamentul de mai sus și că vă asumați prevederile sale !

1.  fără titlu
    (mesaj trimis de anonim în data de 24.02.2018, ora 22:33)  
 Unde dai si unde crapa!


 
Aceeasi sectiune (English Section)
FOR THE FIRST TIME AFTER THE LOSS OF 2.6 BILLION LEI OF 2014
Actualitate - vezi toate știrile mai jos.
Companii-Afaceri, 16:12
DYNAMIC SELLING GROUP
     Dynamic Selling Group a anunțat astăzi finalizarea procesului de preluare a activelor Ramplast printr-o tranzacție de peste 3 milioane euro, inclusiv TVA, și că urmează să investească 3 milioane euro în următorii doi ani în modernizarea fabricii pe care a achizițonat-o de la Oltchim, relatează News.ro.  click să citești tot articolul
Miscellanea, 15:55
OMS:
     Jucatul compulsiv de jocuri video este considerat de-acum o nouă tulburare mentală, anunță astăzi Organizația Mondială a Sănătății, o hotărâre care ar putea să conducă la o stigmatizarea tinerilor, avertizează unii critici, relatează News.ro.  click să citești tot articolul
Piaţa de Capital, 14:58
LA MIJLOCUL ȘEDINȚEI:
     Piața principală a Bursei de Valori București (BVB) a înregistrat, în prima parte a ședinței de tranzacționare de astăzi, o lichiditate de 8,88 milioane lei (1,90 milioane de euro).  click să citești tot articolul
Internaţional, 14:47
UE:
     Uniunea Europeană a prelungit cu un an sancțiunile impuse Rusiei din cauza anexării Peninsulei ucrainene Crimeea în 2014, relatează News.ro.  click să citești tot articolul
Companii-Afaceri, 14:23
RUPERT STADLER
     Directorul executiv al companiei germane de automobile Audi, Rupert Stadler, a fost arestat în legătură cu o investigație privind scandalul Dieselgate, relatează News.ro.  click să citești tot articolul
Calendarul BURSA 2018
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
18.06.2018
BVB
     * Creșteri pe linie pentru toți indicii bursei
     
     Volumul consemant în ședința de tranzacționare de vineri a Bursei de Valori București (BVB) a fost de numai 17,7 milioane de lei (3,8 milioane de...  click să citești tot articolul
18.06.2018
BURSELE DIN LUME
     Bursele din Europa au scăzut vineri, oprindu-se din avansul generat joi de anunțul Băncii Centrale Europene (BCE) privind încheierea, anul acesta, a programului de achiziții de obligațiuni. Cele...  click să citești tot articolul
15.06.2018
BURSELE DIN LUME
     Bursele din Europa au urmat un curs ascendent ieri, după ce Banca Centrală Europeană (BCE) a anunțat că va menține dobânzile la un nivel scăzut încă un an.  click să citești tot articolul
14.06.2018
BVB
     * Salt de 12,44% pentru SIF Moldova, ca urmare a aprobării programului de răscumpărare de acțiuni la un preț cu mult peste cel din piață
     
     Volumul consemnat în ședința de tranzacționare de la...  click să citești tot articolul
14.06.2018
BURSELE DIN LUME
     Bursele din Europa s-au înscris pe un curs pozitiv ieri, investitorii așteptând decizia de după reuniunea de politică monetară a Federal Reserve din SUA (Fed), care a avut loc în zilele de 12-13...  click să citești tot articolul
13.06.2018
BVB
     * Volum de doar 27 milioane de lei, jumătate din valoarea medie a anului
     
     Piața principală a Bursei de Valori București (BVB) a încheiat cea de-a doua zi de tranzacționare a săptămânii în...  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 18 iunie 2018
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
TRY
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
2.9961
2.3858
3.0565
4.0360
0.1812
0.6264
0.2254
4.6662
5.3310
1.4454
3.6386
0.2400
0.4938
1.0880
0.0636
0.4548
0.8518
4.0240
0.2988
1.0788
0.6249
0.0591
0.3644
0.1944
2.7958
0.0395
0.1527
1.0955
0.6322
0.1231
165.6750
5.6755
..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
12.06.2018
     The reunion scheduled today between Donald Trump and Kim Jong-un is taking place in Singapore due to the relative neutrality and the security this city-state provides. Singapore is one of the few countries that still hosts a North-Korean embassy, and many of the deals of the Kim regime were conducted here, according to the foreign press.  click here to read the entire article
05.06.2018
     "It is a good thing that the public doesn't understand the functioning of our banking and monetary system, because otherwise I think there would be a revolution in the streets by dawn".
     HENRY FORD, founder of the American automotive industry

     Fed up with subsidizing the commercial banks with their own money, the Swiss, mobilized through the "Sovereign Money" initiative, have proposed the organization of a Referendum which will be held on Sunday, June 10th 2018 - is a historical referendum, revolutionary for the banking industry, of international resonance -, by which the initiators want to amend the Constitution, which would impose to the commercial banks to grant loans only within the limits of the bank's money, forbidding them to issue scrip money and ensuring the monopoly of the Confederation (of the Swiss state) on issuance of money free of debt.  click here to read the entire article
23.05.2018
     The "pension apocalypse is coming"! The more or less qualified keep talking in the written press, TV and on the radio. The uncertainty is being preserved - deliberately by some, by the government members out of pure stupidity!  click here to read the entire article
16.05.2018
GABRIELA MIHAELA VOICILĂ, THE BUSINESS ENVIRONMENT MINISTER:
     Where there are many entrepreneurs there is creation, where there are many women entrepreneurs there is divine creation, says Gabriela Mihaela Voicilă, state secretary in the Ministry for the Business Environment, Trade and Entrepreneurship (MMACA). In her opinion, entrepreneurship means joy, a better situation, but less time for the family: "Taken together, entrepreneurship means achievements (...) Every one of us needs validation, for having built, having created something".  click here to read the entire article
14.05.2018
IN THE LAWSUITS AGAINST THE BANKS
     * Piperea: "In the Andriciuc case, the EU Court of Justice has not limited its argumentation to the CHF, but expanded it to cover any currency for which the debtors weren't hedged"
     The courts in the country have begun ruling in favor of borrowers and freezing the value of the European currency at the exchange rate valid on the date the loans were originated, in the lawsuits brought against the banks.  click here to read the entire article
09.05.2018
IN THE ROMANIAN BANANA REPUBLIC...
     The urge "Mircea, act like you're working!", back in the days of the so-called revolution of December 1989, was brought back recently by a new "director".
     We are talking of course, about the meeting between NBR governor Mugur Isărescu, and a government "delegation" led by chamber of deputies chairman Liviu Dragnea, together with PM Viorica Dăncilă.
     Sources from within the PSD, quoted by ziare.com, have claimed that, "in the meeting with the NBR governor, Liviu Dragnea seemed to be looking for a way out, and he seems confused, as he didn't expect his decisions to lead to such effects in the economy".  click here to read the entire article
08.05.2018
     Liviu Dragnea's insistence in moving the Romanian embassy from Tel Aviv, to Jerusalem, feeds an older, widespread confusion. Much older. Politically, Jerusalem has been divided from the first presence of the Judeans on the lands of the Palestinians, since back in the days of Abraham and Abimelec. "The indivisible Jerusalem" wanted by Benjamin Netanyahu is a spiritual creation.
     Definitely, pilgrims and locals claim that Jerusalem has a geography, meaning that the city would be compatible with the cardinal points and that is why Palestinians, Israelis and people overall, including those of the UN, EU and the US, speak about Eastern Jerusalem and Western Jerusalem, without anybody being surprised that that is happening at the center of the world, where the god of the Judeans began his creation, starting from the very rock from which later Archangel Gabriel raised Mohammed to visit Heaven, the same place of origin where one of the seven angels "and showed me the Holy City, Jerusalem, coming down out of heaven from God." (Apocalypse, 21: 10), where God is one of the same.  click here to read the entire article
03.05.2018
     Financial fair play is a concept that comes from the world of soccer. The notion is simple, don't spend more than you earn in a month, or in a year, regardless of what shareholder, mogul or investor enters the business.  click here to read the entire article
03.05.2018
     President Klaus Iohannis has announced that he has decided to send to the Constitutional Court the laws on the judicial system, but also to the Venice Commission. The president has issued a call to the CCR not to hurry and to work with the European entity, saying that after the Constitutional Court gets to issue an opinion on the new laws, a new analysis of the laws will be conducted and it will be decided then if a new reexamination of the three laws in the Parliament will be needed.  click here to read the entire article
27.04.2018
     The dystopia of 2169 seems to be 151 years away from us, if we were to watch the American sci-fi movie "In Time", in which New Zealand screenwriter, director and producer New Zealand Andrew M. Niccol has imagined a world in which money has been replaced by the lifespan left and each individual over 25 years old (when they stop aging), are wearing a counter on their arm, displaying how much they have left to live; the economic system relies on transactions paid in lifespan - banks, loans, interest rates - the rich are storing billions of years, while the poor only have hours, minutes or seconds left and when their time is up they die suddenly, as if struck by a mace.  click here to read the entire article
25.04.2018
DEPUTY PRIME-MINISTER VIOREL ȘTEFAN:
     * Bogdan Chirițoiu: "The European Commission will force the future buyer of Sidex Galați to increase the output of steel"
     ArcelorMittal may only sell the Galați metallurgic plant with the explicit agreement of the Romanian state, and the European Commission will ensure that the output of the plant will increase after the transaction, deputy prime-minister Viorel Ștefan said yesterday, in a conference on the issue of major industrial energy consumers.  click here to read the entire article
20.04.2018
     * "Iliescu on trial for all the bloodshed!" was one of the powerful slogans of the University Square, as well as "Iliescu - KGB, go back to the USSR!".
     We, who had organized the marathon protest of the century, knew who Ion Iliescu was, as the rest of the Romanian people took a long time to catch on, even Brucan was wrong in his estimate that the much maligned "stupid people" would take two decades to "awake".  click here to read the entire article
16.04.2018
     * - The Syrian gas attack did not exist, the American missiles were brought down, then where are the dead coming from?!
     * - It is enough to tell Syrians that they are attacked and killing each other?
     Friday, Syria was attacked by war attacks, in which a warship of the United Nations which operate in the Red Sea (according to the American officials), American B-1 bombers, four British Royal Tornado GR4 aircraft (which fired Storm Shadow missiles) and French Rafale jets.  click here to read the entire article
12.04.2018
     New Delhi, March 4th, 2017 - I am in the garden of the Royal Plaza hotel, sitting next to the table of a group of Indians, probably Hindus, two women in colorful saris and two men, all of them in their fifties. They are checking me out, I catch them doing it a few times. A Romanian manea, with heavy Indian influences starts playing from the speakers, I am surprised, I start laughing.  click here to read the entire article
02.04.2018
FOR THE FIRST TIME AFTER THE LOSS OF 2.6 BILLION LEI OF 2014
     The Romanian Commercial Bank (BCR) has proposed to shareholders the distribution of dividends of 228.12 million lei, out of the profit of 570 million lei, for last year, this being the first year with such an item on the agenda of the General Shareholder Meeting, after the huge loss of 2014, of 2.6 billion lei, caused by the high provisions and the sale of non-performing loans.  click here to read the entire article
.