About 4,000 Romanians have resorted to the giving in payment law and have sent notifications to banks, said Eugen Radulescu, director of the Stability Department within Romania’s National Bank (BNR).

“4,000 out of 10 million owners of real estate assets. This is the great achievement of this law,” he added, reports local Profit.ro.

The number provided by Radulescu represents his personal estimate, and does not represent BNR’s official position, according to a statement issued by the central bank. BNR is not responsible of operating information about the number of people who use to the giving in payment law.

According to BNR estimates, the prices in the real estate sector could drop by 5-10% due to the giving in payment law, if the law remains in force by the end of the year, said Radulescu.

The giving in payment law, which entered into force on May 13, allows people to give their mortgaged homes to the banks in order to have their debts deleted. Several banks have challenged in court the notifications received from their customers and have asked the judges to send the law to the Constitutional Court.

editor@romania-insider.com