Volksbank Romania requested, in court, damages from the government and the national authority for the protection of consumers worth 1 million euro for the damages the bank incurred by the emergency ordinance 50/2010 regarding credits of the population, official sources quoted by Romanian news agency Mediafax said. Volksbank Romania representatives confirmed the information but did not wish to offer any details.

In the trial requesting the cancellation of ordinance 50/2010, Volksbank Romania requested damages from the government for the losses caused by the implementation of the emergency ordinance number 50/2010 regulating the population’s credits. The ordinance was modified in the Parliament in the sense requested by banks and the law was passed by the President so the government received this badly, quoted sources said.

The bank requested last year, in court the suspension of ordinance 50/2010 but the Bucharest Appellate Court rejected the claim as ungrounded. Afterwords, the bank submitted the same request in which it formulated its financial claims from the state to the same court.

According to judicial sources, the sum does not represent the final value of the bank’s claims but it represents the value of losses incurred up to that moment and the total damage value might be higher. Emergency ordinance 50/2010 was implemented starting June 21st 2010 and banks were compelled, in 90 days to modify all credit contracts signed before the date.

Among the most important provisions of this ordinance are: the elimination of anticipated reimbursement commissions for credits with a flexible interest rate, the calculation of the interest rate on a transparent reference index, and the limitation of banks’ commissions to four. According to law 288, modifying the emergency ordinance 50/2010 all additional acts signed by clients in the time spam will produce their effects but the additional acts that have not been signed can be cancelled at the request of creditors or the population.