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Governor Isarescu: Internal and external reasons have fuelled conflict between creditors and debtors

The conflict between creditors and debtors has been fuelled for internal and external reasons, and this is why an alternative dispute resolution institution was started later in Romania, the governor of the National Bank of Romania (BNR), Mugur Isarescu, told the annual conference of the Alternative Banking Dispute Resolution Centre (CSALB).

"I am on my way to the airport, but I still greatly wanted to come here to answer your invitation for two very simple reasons. To congratulate you and to wish you success. Congratulations for a project which in Romania kicked off later than in other countries and under not very favorable conditions, in a relatively hostile atmosphere, but which has gained strength, taken root and is now a positive experience. Why did it kick off later? I should probably try to give an explanation. Why that was not the happiest time to start off. There were both internal reasons, and I would also say external reasons that fuelled this conflict between creditors and debtors, between banks and customers, sometimes even fiercely and going over the top," stated Mugur Isarescu.

He noted that there is still much to be done to recover the delay in getting under way. Moreover, the positive tendencies must be reinforced, the negative ones discouraged, and turn this conflict resolution option into a way to improve the relationship, still tense, in society.

"The war between banks and customers and the cultivation of this war is of no use to anybody. Nor is the abuse of abuse, so to speak, we have lately become accustomed to, all banker behavior is an abuse, of position power, of monopoly, it is of no use to anyone. And to use the word again, this notion is totally abused," said Mugur Isarescu.

The BNR governor mentioned that it cannot be said that Romania is a country with a long tradition in the field of lending and that it is innovating.

"In this area of bank activities, of lending, we have started off relatively later. There was also the interruption during the communist period. Innovations are difficult in this area and especially in relation to the legal basis of credit. Credit remains credit. Pleasant, unpleasant, you have to repay it," affirmed Mugur Isarescu.

He specified that in psychology, in a ranking of the causes of neurosis, the impossibility to repay a loan stands among the top places.

CSALB conciliators, consumers' representatives and those of commercial banks   attended the annual conference of the the Alternative Banking Dispute Resolution Centre on Tuesday.The event was hosted by the Faculty of Law of Bucharest.



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