Volksbank goes to court against Romanian state and Consumer Protection on loans ordinance

Volksbank Romania went to court against the Romanian Government and the National Authority for Consumer Protection for the damages caused by the Emergency Ordinance 50/2010, according to Mediafax newswire. The bank has assesed initial damages at around EUR 1 million caused by the enforcement of the ordinance, according to the newswire. The bank is also asking for the cancellation of the Emergency Ordinance 50/2010. Volksbank is assisted by Romanian law firm Nestor Nestor Diculescu Kingston Petersen (NNDKP). The bank has recently announced it posted a loss of EUR 36 million in Romania last year, the only market where the lender posted a loss. More articles about the Emergency Ordinance 50/2010, here. editor@romania-insider.com