Romanian consumer protection agency wins lawsuit against Raiffeisen Romania

"Millions of euros will return to bank's debtors," Romanian consumer protection agency ANPC announced after Romania's High Court (ICCJ) issued the final ruling in a lawsuit against Raiffeisen Romania.

"We won an important battle for the Romanian consumer! Thousands of consumers have the chance to get the right treatment! Millions of euros will be returned to the budget of their families," says Paul Anghel, general director of ANPC.

ANPC explains in a statement that the bank did not inform in advance its consumers, during the period 2006-2008, about the future costs of its financial products, namely the loans denominated in RON, EUR and CHF (Swiss franc).

As a result of them not being fairly informed, the bank customers contracted loans that they would not have taken otherwise.

The lawsuit, dubbed by daily BursaRaiffeisen Leaks, was based on evidence demonstrating that Raiffeisen Bank knew in advance the interest rates that were enforced one year after the signing of the contract, based on a provision allowing unilateral change of contractual terms.

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