Millennium Bank"s "First House" lending cap, raised to EUR 25 million

The National Guarantee Fund of SME Loans (has raised the limit granted to Millennium Bank for First House loans to EUR 25 million, from EUR 20.8 million, according to a press release by the bank.

"Millennium Bank"s offer for First House loans was successful, which is why we applied and were approved by the National Guarantee Fund a higher limit for finance granting", said Eliza Erhan, Head of Retail Product Development at Millennium Bank. "The applications for First House loans that we received up to now already amount to EUR 14 million", she added.

Millennium Bank started granting "First House" loans in August. The only cost charged by Millennium Bank for "First House" loans is the variable interest rate, calculated as three-month Euribor plus a 4% margin. The clients benefit from zero analysis and arrangement fee and the cost of the real estate appraisal is covered by the bank.

Millennium Bank, part of the leading financial private group in Portugal, Millennium bcp, started its activity on the Romanian market on October 11, 2007, by simultaneously opening 39 branches in Bucharest and in other eight cities of the country. Now, Millennium Bank has 74 units throughout Romania, addressing individuals and companies, by an extensive range of products.

FNGCIMM decided to reallocate 220-280 million Euros initially allocated to 7-8 banks whose involvement in the "First Home" program was unsuccessful. Aside from Millennium Bank, the Fund also increased the guarantees for BCR by around 108 million Euros.