BT, first bank in Romania to cut loan rates

Publish date: 18-03-2009
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Transilvania Bank announced on Tuesday a cut of up to two percentage points of the interest rates to credits in lei, being the first bank in Romania proceeding to a reduction of loan rates in the past eight years, period when the loan rates surged to almost 28 percent and those applied to deposits declined to 7 percent per year.

BT General manager Robert Rekkers stated in a press conference that he expects a similar adjustment on the entire market. He gave assurances that the bank has sufficient leu liquidity, as well as in euro and dollar and does not need, for the time being, new financing lines, such as the recently agreed with the International Finance Corporation (IFC).

'I think that 15.5 percent is an acceptable level for the credits in lei and we further expect a relaxation of the monetary policy rate which I think will be a gradual process', said Rekkers.

As regards the credits in euro, financing obtained by banks on the international markets did not go cheaper, pointed out BT General manager, who also said that he hopes the banks will be able to cut rates in time for this kind of loans, as well.

Rekkers expects a 10-15 percent credit growth in 2009, despite the weak period the banking sector crosses at present.

'We also expect more overdue payments at the level of the entire banking system, but we are ready to reschedule contracts and to reduce the interest rates both for the population and for SMEs, in case of need', underscored BT General manager.


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