The Governor of the National Bank of Romania (BNR), Mugur Isarescu, has proposed new solutions for Romania\u2019s economic growth, at the annual conference of the Alternative Banking Dispute Resolution Centre, held recently in Bucharest. The Centre solves, free of charge and in a period of time no longer than 90 days, any litigation between customers and banks.<\/p>\n
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An objective of the long-term strategy determined by the banking industry pertains to improving its reputation and enhancing customers\u2019 trust in the Romanian banking system. According to Governor Isarescu, a healthy alternative to the expansion of consumption is lending. Although Romania does not have deficits as high as in the period 2007-2008 and there is money in the financial system, the country has a problem related to the fiscal policies promoted over the past few years.<\/p>\n
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Mugur Isarescu: \u201cWhat do we need to make lending an alternative that should lead to growth? We need trust, a calmer environment, a stable legal framework (\u2026)\u201d. Isarescu has also explained that Romania has secured a GDP growth based on consumption, covered mostly by imports, that is by creating jobs in other countries. A solution to this would be sustainable economic growth, based on enhanced competiveness. He also said that banks have the money to support lending, and regaining trust in the banks might boost lending.<\/p>\n
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He has also pointed out that people who take out loans should be well aware of the fact that the banks\u2019 main interest is to recover their money and that their role is not to share the risk with the loans\u2019 beneficiaries. In the three years and half since the Alternative Banking Dispute Resolution C<\/em>entre has been operational, negotiations between consumers and banking or non-banking financial institutions, through conciliators, has brought benefits of more than 2 million euros. The average value of a file that refers to bank contracts, solved at the centre, is around 2,150 euros.<\/p>\n
According to studies conducted by the World Bank, when consumers have the possibility to solve a problem, to address a concern, in a very simple and less expensive manner, their trust in the financial banking system increases. (Translated by Elena Enache)<\/em><\/p>\n
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