Fees for loan reimbursement before maturity, canceled through Govt emergency ordinance

Romanians will no longer pay fees for the reimbursement of bank loans before maturity, as the Romanian government has recently decided to cancel these fees. Banks have three months to change the existing loan contracts to include the cancellation of fees. The Government Emergency Ordinance will be enforced in ten days from its publication in the Official Gazette. Fees will be canceled for loans with variable interest rates, while those with fixed rates will have a 1 percent fee for anticipatory reimbursement for loans due in more than a year and 0.5 percent for below a year. The ordinance also sets the commission which can be applied by banks when granting new loan contracts.