Volksbank estimates EUR 10 mln of damages caused by lending ordinance 50/2010 in Romania

Lender Volksbank Romania estimates a volume of damages of around EUR 10 million caused by the Emergency Ordinance 50/2010 which regulates the lending activity in Romania. “It is hard to evaluate the losses cause by OUG 50. An estimation would be of EUR 10 million, if we come to think about all the internal and external efforts,” said Johann Lurf, president of Volksbank Romania. The bank has started to have fewer litigations with customers unhappy with how the bank had applied the ordinance. “I can tell you there are fewer and fewer litigations, because we continue to negotiate with clients and find amicable ways to solve the conflict. We need to see how many of the 75,000 clients had a problem with OUG 50 and how many of them still have a problem. Now the ratio is under 3 percent,” said Lucian Cojocaru, vicepresident of Volksbank Romania. Volksbank International (VBI) recorded last year a net loss of EUR 36 million from its operations in Romania, said Friedhelm Boschert, executive director of the bank, quoted by Reuters. editor@romania-insider.com