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Bulgaria to Ease Bank Credit Fees

Monday, Feb 13, 2012

Bulgaria's Ministry of Finance is preparing legislative amendments to make credit taking less burdensome to users, said Bulgarian Finance Minister Simeon Djankov.

Banks in Bulgaria still can raise interests on loans or otherwise charge customers in a manner that is not transparent, said Djankov in an interview for the Bulgarian National TV Thursday.

"Banks must be thinking about measures with which to help households and businesses - something that is not completely the case as things stand," said the Minister of Finance.

He added that until the end of the week the legislative drafts will be presented to the bank association for consultation.

Djankov revealed that one of the proposals involves public indexes EURIBOR and SOFIBOR, while the other outlaws certain bank loan fees.

Other fees on credits will have to be split between the bank and the user, said Djankov.

The new regulation is expected to cover even the smallest customer loans in Bulgaria, as the previous legislation covered only loans over BGN 400.

Source: novinite.com