The National Authority for Consumer Protection (ANPC) has obtained a first positive ruling in a case against OTP Bank concerning some personal loans contract clauses, announced the agency’s president, Marius Dunca.


The Bucharest Court ruled in favour of ANPC in the case of five such contracts, but when the decision becomes final the bank will have to modify all contracts containing such clauses, the representative explained.

“It is a first step, the beginning gives us confidence that justice will be done, we will turn to normality, and citizens will have clean contracts, without unfair terms which seriously affect their economic interests. If we get a definitive decision OTP Bank will have to modify all contracts containing such clauses, to remove those clauses that the bank may change interest rates without the customers’ approval,” Dunca said.

This is the case for mortgage-backed personal loans where there is a clause that the client will pay the bank interest rate revised in accordance with bank policy. This means that the bank may change the interest without notice to the client.

“The Bank reserves the right to review periodically the interest development depending on benchmarks for each currency, EURIBOR, LIBOR, and ROBOR. That allows the bank to change interest without notifying the consumer. The other clause: the interest rate is variable in accordance with bank policy. Interest can be changed unilaterally by the bank taking into account the benchmark interest value of each currency EURIBOR, LIBOR, and ROBOR,” said the ANP official.

The action in which ANPC has sued OTP Bank Romania, was recorded in March at the Bucharest Court.

Natalia Martian