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Banks solve 90 pct of requests to postpone credit payments in three months

The banks in Romania have solved up to now 90 pct of the requests submitted by clients to suspend the monthly payment obligations stemming from credit contracts, according to a release sent on Monday by the Romanian Banks' Association (ARB).

"The banks in Romania have solved 321,000 requests, representing approximately 90 pct of the approximately 362,000 requests submitted by individuals and companies to suspend the monthly payment obligations stemming from credit contracts, in the first three months since the beginning of the COVID-19 pandemic," the document reads.

Of the approximately 321,000 requests solved by the banks until June 15, 2020, over 60 pct were solved on the basis of Government Emergency Ordinance (OUG) 37/2020, and approximately 40 pct were solved on the basis of support measures adopted by the banks starting with March for clients affected by the effects of the pandemic, according to the ARB.

The approximately 41,000 requests yet unsolved are in processing, according to the source.

On the basis of OUG 37/2020, the bank analyzes the request formulated by the client and within 15 days of receiving the request the bank responds with a decision. If the debtor's request is approved, the prolongation of the contractual length comes into force since the request for suspension is communicated to the bank.

"The clients whose income was affected directly or indirectly by the situation generated by the pandemic have submitted requests for the suspension of monthly payment obligations in credit contracts. Thus, individuals have submitted over 334,000 requests for suspension of monthly payment obligations, which represents around 22 pct of the ongoing credits granted to the population. Companies have submitted around 28,000 requests to suspend monthly payment obligations, representing approximately 28 pct of the total portfolio of credits granted to this category," according to the ARB release.

The Romanian Banks' Association claims that the banking sector was in the first line of industries that adopted measures to support clients financially affected by the effects of the pandemic.