Oprescu (ARB), regarding the change of GEO 114: The tax on assets can be canceled; however, the IRCC amendment requires analysis

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The modification of GEO 114 in order to eliminate the tax on bank assets can be done immediately, but changing the reference index for consumer loans (IRCC) requires a time of analysis, said on Friday, the chairman of the Board of Directors of the Romanian Banks Association (ARB) , Sergiu Oprescu, at EU-COFILE 2019 seminar.

“The ordinance can be changed immediately, depending on the political will. It was a tax calculation. The industry does not have to prepare from this point of view. If we talk about the IRCC, it requires a preparation time, because it is submitted again in the contract. We now have two categories. We have the category of those who were up to date with ROBOR. Now we have a category that for several months has been indexed to the IRCC. If the law changes, we have to see how it will work. The procedure is something we have to analyze. From the tax point of view, it can be canceled immediately,” said Sergiu Oprescu.

He explained that the IRCC needs to be re-analyzed because it represents “an anchored look in the past, not a future estimate.”

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