SPECIALISTS: "THE CONSTITUTIONAL COURT HAS CHANGED THE RULES OVER NIGHT"
BURSA 09.02.2017

Emilia Olescu (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * Some lawyers claim that there is no limit to the arguments that the CCR can bring when making a decision
       In the ruling of the Constitutional Court of Romania, (CCR) concerning the law of conversion, a grave mistake has been made, some specialists claim, who stress that the CCR has also invoked the principle of bicameralism when it has ruled that the law is unconstitutional, whereas the Cioloș government had not asked for the verification of the compliance with that in its notification.
     According to some lawyers, the Constitutional Court has changed the rules overnight, because its responsibilities are not to refer the matter to itself when it comes to the violation of constitutional principles, only to investigate the exceptions raised by other parties concerning draft laws.
     Other lawyers have told us, however, that the CCR can resort to any arguments to justify its decision, as long as the arguments in question concern the challenged articles.
     In his notification, the Cioloș government mentions a number of principles, including that of the relativity of effects, non-retroactivity, of equality and non-discrimination. The Government has also warned that banks may sue Romania through the ICSID (The Arbitration Court in Washington), and has mentioned the risk of legislative, financial and macroeconomic instability, as well as the potential losses in the banking system.
     * CHF borrowers are not letting the fact that the Law of Conversion is unconstitutional demoralize them
     After just one day from the decision of the CCR that the law of conversion at the original exchange rate was unconstitutional, CHF borrowers have started looking for new strategies to obtain the partial shift of the burden that they have had to share since the end of 2015, when the CHF/RON exchange unexpectedly skyrocketed.
     On the Facebook page of the group of CHF bank borrowers (GCCC), the borrowers are drawing up statistics, filling up submission forms, posting proposals, and are adamantly stating that they are not quitting the fight, but instead they are going forward.
     "We need to recover from yesterday's shock, (ed. note: Tuesday) and we need to start rethinking our strategy and our manner of organization", wrote Cristian Dan, one of the administrators of the GCCC.
     The first goal of the borrowers is to get a hearing with PM Sorin Grindeanu, to talk about the situation that they are going through. Debtors have recently sent the PM a letter in which they have requested a meeting on the subject.
     GCCC representatives have also told us that protests would be an option, but not one that they would currently use.
     One of the proposals made by the group is that, on February 24th, the day of the Romanian Dragobete feast, all those who want to negotiate with the banks should submit notifications requesting fairer contracts and the giving in payment.
     "I don't think it would be so hard for us to show up February 24th, notification in hand, at our respective lenders. This seems to be the last, or maybe the only chance we have left", Mr. Dan further wrote.
     Another CHF borrower made the following proposal: "I am asking for the solidarity of the group in bringing a criminal proposal against the former prime-minister (ed. note: Dacian Cioloș) and against those who have countersigned the Emergency Government Ordinances for the prorogation of the date of the coming into effect of the Law no. 151/2015 concerning the procedure of the insolvency of individuals, in order to commit the offense of abuse in office, for the culpable violation of the job duties. By failing to carry out or by inadequately carrying out the job duties, [the PM] has caused us losses and has harmed our rights and legitimate interests, namely the right of defending our assets against creditors and the right for a turnaround of the financial situation, as well as supporting us in escaping the state of insolvency that we are in".
     Cristian Dan reiterates the idea that it would be best for people to turn to the Center for the Alternative Resolution of Lawsuits in the Banking System (CSALB). He posted the following yesterday on the GCCC Facebook page: "My advice is not to take any action - especially if you want to keep your home after all - until you ask the bank to negotiate. And you should do that through the CSALB procedure, because it is free of charge and the conciliators of the CSALB are professionals. (...) In the current context we will try to talk to every institution out there, to "save" whoever we can still save out of all the people that do not have the financial means to bring a lawsuit, supported by good lawyers. (...) Please remember that the procedure is free of charge and it is now being used in developed countries as well. Such a conciliation procedure, in Germany costs about 500 Euros".
     The Center for the Alternative Resolution of Litigations in the Banking Sector was created last spring, in order to resolve the lawsuits between banks and customers. According to its management, the CSALB seeks to be "a viable alternative to restore the balance between consumers and the banking and financial institutions". The Center is funded by banks, but the conciliators will not be paid directly by banks, and will instead be paid by the Center, regardless of the resolution they issue, whether it's in favor of the customer or of the bank, Alexandru Păunescu, the president of the College for the Coordination of the CSALB explained last year.
     The SAL Center is led by a Coordination College led made up of five members, one from the NBR, the ANPC, the Romanian Banking Association and the consumer associations, and an independent member, selected by the other four. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
UPON THE INQUIRY OF THE BURSA NEWSPAPER CONCERNING THE AUDITING OF THE INVENTORIES
MAJORITY SHAREHOLDER MADE MOVES BEFORE THE FILING FOR INSOLVENCY
AUTOMOBILE DACIA AND RENAULT COMMERCIAL ROUMANIE ARE WITHDRAWING FROM THE APIA
EUGEN TEODOROVICI SEES A CONFLICT OF INTEREST IN THE POSITIONS HELD BY IONUȚ DUMITRU
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
28.02.2017
BVB
     * Lichiditatea a fost de 12,64 milioane euro
       Piața principală a Bursei de Valori București (BVB) a fost dominată, în ședința de tranzacționare de luni, de 4 transferuri de tip "deal", realizate cu acțiuni "Fondul...  detalii
28.02.2017
BURSELE DIN LUME
     Bursele din Europa au urmat un curs descendent ieri, investitorii fiind dezamăgiți din cauza unor potențiale afaceri eșuate.  detalii
28.02.2017
SIBEX
     La Sibex, pe segmentul derivatelor, penultima zi din februarie era, după prima sa jumătate, una modes-tă, cu doar două produse tranzacționate și un total de numai 22 de contracte cu o valoare de...  detalii
27.02.2017
BURSELE DIN LUME
     Bursele din Europa s-au înscris pe un curs negativ vineri, din cauza rezultatelor financiare anunțate de "Royal Bank of Scotland Group" Plc și BASF SE.  detalii
27.02.2017
BVB
     Toți indicii Bursei de Valori București (BVB) au încheiat ședința de tranzacționare de vineri în scădere, în contextul în care a fost înregistrat un volum de tranzacționare de 47,96 milioane de lei...  detalii
27.02.2017
SIBEX
     Participanții de pe piața Sibex nu au fost foarte sentimentali de Dragobete și au continuat să tranzacționeze cu intensitate redusă, al cărei rezultat nu aduce cu nimic aminte de "povestea de...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 27 februarie 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 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
XAU
XDR
3,2691
2,3067
3,2485
4,2324
0,1669
0,6070
0,2671
4,5115
5,2921
1,4655
3,7950
0,2122
0,5100
1,0465
0,0739
0,4722
1,1854
4,2595
0,3286
1,3692
0,6201
0,0638
0,3757
0,2148
3,0671
0,0364
0,1574
1,1598
0,6070
172,0067
5,7630
..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
22.02.2017
UPON THE INQUIRY OF THE BURSA NEWSPAPER CONCERNING THE AUDITING OF THE INVENTORIES
     SGS Romania, a company that provides certification and inspection services, yesterday confirmed, upon the enquiry of the BURSA newspaper that it has indeed signed a contract for the provision of...  details
20.02.2017
     * (Interview with Sebastian Vlădescu, the former president of "Romcab" Târgu Mureș)
     * Vlădescu says he can't understand why Romcab posted losses in 2016
     * Sebastian Vlădescu is already in talks with lawyers to bring a lawsuit against the executive management of Romcab
     * "In December, I received a cash-flow report to show to banks, in which the profit margin was 4% for 2016"
     * "On January 14th, I received the proposal to be a shareholder in Sadalbari"
     * "I have personally lent 100,000 Euros to Romcab in November"
     * "Swiss firm SGS was hired by Romcab to audit the inventory for banks"
     * "There is no connection, no contract of any kind, no perk for Tăriceanu pertaining to Romcab"
     * "Eximbank together with IIB, CEC and Banca Transilvania can become the owners of Romcab"
       Reporter: How do you think the major loss of approximately 39 million Euros which Romcab reported last weekend for the year 2016 can be explained, considering that after nine months, it had...  details
17.02.2017
RAPID FIRE DISASTER
     * Six creditors, of which International Investment Bank and Unicredit Leasing have asked for the insolvency of the company, in the lawsuit which has already been filed with the County Court of Mureș
     * Bank loans had been guaranteed with inventory, which according to information which has surfaced was fictitious
       Cable maker "Romcab", which filed for insolvency on February 10th, yesterday posted a loss of 178.23 million lei in 2016, compared to a net profit of 42.13 million lei in 2015, as, on...  details
16.02.2017
MAJORITY SHAREHOLDER MADE MOVES BEFORE THE FILING FOR INSOLVENCY
     * That same Cyprus offshore "Stareal Limited" also appeared in a closed criminal lawsuit, which involved Zoltan Prosszer, the president of Romcab
     ---------
       * UPDATE "Romcab" had losses of 178.23 million lei last year, after it got a profit of 42.13 million lei in 2015, according to the preliminary financial report sent this evening to the...  details
15.02.2017
GABRIEL DUMITRAȘCU:
     * Interview with Gabriel Dumitrașcu, the former head of the privatization division of the Energy Department, when the Romanian state sent the ENEL lawsuit to the Court of Paris
       Reporter: What is your comment on the ruling of the Court of Arbitration of Paris in which ENEL is required to pay 401 million Euros to the Romanian state?
     Gabriel Dumitrașcu:...  details
14.02.2017
     * EximBank hopes that "business will continue with a more solid foundation"
     * BCR, Banca Transilvania, Piraeus Bank and Banca Feroviară do not comment on the situation
     * Some sources say that EximBank has filed a lawsuit against the company that appraised the Romcab inventory which Eximbank accepted as collateral, because the bank found said inventory did not exist
     * Teraplast has to set up a provision of 200,000 Euros, but will continue its collaboration with Romcab, and Prodplast pares down its contractual relationships with the cable maker
     * On January 27th, Roxana Tarcă has reached a stake of 46.7% of "Sadalbari", while Zoltan Prosszer is only left with 9.35%
       The request by "Romcab" (MCAB) to enter insolvency, submitted on Friday and reported yesterday to the Bucharest Stock Exchange (BVB), is causing anxiety among Romanian banks, considering...  details
13.02.2017
     Radu Gabrea has died.
     My friend who was always smiling and went from being to not being.
     Jokes have only helped us during our life, he had a booming laughter, I would talk...  details
09.02.2017
SPECIALISTS: "THE CONSTITUTIONAL COURT HAS CHANGED THE RULES OVER NIGHT"
     * Some lawyers claim that there is no limit to the arguments that the CCR can bring when making a decision
       In the ruling of the Constitutional Court of Romania, (CCR) concerning the law of conversion, a grave mistake has been made, some specialists claim, who stress that the CCR has also invoked the...  details
07.02.2017
     That's it, PSD has eliminated all the problems that we were complaining about one month ago, we are no longer interested in the issues of the medical system, the devolution of the education...  details
06.02.2017
AUTOMOBILE DACIA AND RENAULT COMMERCIAL ROUMANIE ARE WITHDRAWING FROM THE APIA
     Automobile Dacia and Renault Commercial Roumanie (a company that sells the Dacia, Renault and Nissan in Romania) have expressed at the end of last week, in an official letter, the decision to...  details
01.02.2017
EUGEN TEODOROVICI SEES A CONFLICT OF INTEREST IN THE POSITIONS HELD BY IONUȚ DUMITRU
     * Ionuț Dumitru: "I will not go into this politically motivated argument"
     * Ionuț Dumitru has also been criticized by Liviu Dragnea
       PSD senator Eugen Teodorovici thinks that the Fiscal Council makes misleading predictions, and as a result has asked for the resignation of the president of the Fiscal Council on Tuesday. Ionuț...  details
31.01.2017
THE EPIC OF CHF BORROWERS CONTINUES
     * The High Court the complaint concerning the freezing of the CHF exchange rate denied as inadmissible, in a case against Banca Transilvania
     * Stan Târnoveanu: "The High Court of Cassation and Justice did not resolve the complaint, it has left the decision to the court"
     * Borrowers' lawyers: "A new slap in the face to consumers, their time has been wasted"
       CHF borrowers (CHF) keep their optimism and wait anxiously on any court ruling. Except their expectations have been denied lately, as many courts, as well as the Constitutional Court have postponed...  details
30.01.2017
GHEORGHE PIPEREA:
     * The Finance Ministry wants to lower the amount allocated to the First Home program by 15%
     * The total amount of collaterals paid out so far by the program exceeds 44 million lei
     * The law of giving in payment does not apply to the First Home program
       The First Home program may disappear this year, lawyer Gheorghe Piperea said in an interview.  details
28.01.2017
     * (Interview with European MP Cătălin Ivan, member of the Special Commission for the investigation of the Panama Papers scandal)
     * Ivan: "In the Panama Papers scandal, all the seven major banks from Germany were involved in offshore activities. I don't think that there is any bank in Europe that doesn't have such practices"
       Banks are the main accomplices of those who hide huge amounts of money in offshores, says European MP Cătălin Ivan, member of the Special Commission for the investigation of the Panama Papers...  details
26.01.2017
     Investment bank Lehman Brothers announced its default on September 15th 2008, and has forced the global authorities to acknowledge the beginning of an unprecedented crisis.  details
.