Leasing falls under NBR's credit restrictions

Financial non-banking institutions (IFN), i.e. leasing companies, consumer credit companies etc, will have to limit their loans to individuals, so that the debtor’s total commitment would not exceed 40% of his or her income, as is the case with banks. So far, the IFNs could grant credits according to their own standards, but they often accepted a higher degree of indebtedness of debtors, with the commitment often reaching half their customers’ incomes. According to a draft norm adopted by the NBR, the monthly payment obligation will include, in addition to the principal and the interest, all the costs involved in the credit granting, thus excluding the possibility for part of the costs to be transferred in commissions not included in the instalment. “The fact that the series of institutions, which grant loans, has extended has prompted the National Bank to draw up a law draft that it will make available for public debate, which will unify the legal status of all these institutions,” said Adrian Vasilescu, advisor of the NBR’s governor. The governor’s advisor says the new rules will be directly applicable to both categories of lenders.