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Danescu (ARB): The impredictability of the legislative framework, the main barrier against loans

The impredictability of the legislative framework represents the main barrier  against lending, the engine which finances a gross domestic product and so the individual welfare, stated on Thursday the executive chairman of the Romanian Association of Banks (ARB) Florin Danescu.

‘For almost eight years, we have been making an annual study, a barometre of the banks where bankers consider that the main barrier against credit, the engine which finances a GDP and so the individual welfare, the main barrier is the impredictability of the legislative framework. I would add something: the impredictability and the innovation of the legislative framework as we are used to passing over them very easily. How many of the important people from the professional perspective,ellitiste know that we were waiting for the conclusion of the Constitutional Court with regard to the capping of interests in the banking industry? How many know that this waiting was postponed four times and we are expecting it to be postponed again? What does it mean for investments in the Romanian economy? It means that many decisions have been postponed so that this conclusion leads to a decision of investment or non investment’ Florin Danescu said during the second edition of the National Forum of Banking Law.

The executive manager of ARB said that the total sum of investments in Romania since 1990, the balance of foreign direct investments is almost 56% of GDP as compared to Bulgaria – 87% or Hungary -211%.

Danescu said that between 2014 and 2018 there were fifty new laws against the banking industry.