IN A MEETING DEDICATED TO FINANCIAL EDUCATION 11th grade pupils put the bankers in place

Yesterday, bankers received some hard-hitting questions from some 11th grade students, in a meeting dedicated to financial education.

Instead of letting themselves be "educated", the teens below the age of 18 have put the bankers present in the corner, as reported by Digi24.

11th grade pupils were curious to find out what banks do with the money they earn through commissions and also why they are charged when using the ATMs. They have also asked about the effects of the law of giving in payment and why people who can't make their loan payments are being evicted.

One of the resounding questions was why can't citizens be loan sharks, "while banks practice legal loan sharking?"

The response came from Mr. Florin Dănescu, executive president of the Romanian Association of Banks (ARB): "Customers who bring their savings to banks have to be paid an interest - agree? Is that loan sharking? OK! That's why they have to charge interest, to cover the bank's expenses".

The youth who addressed that question wasn't happy with that answer, like most journalist probably would, and he kept pressing: "I am going to tell you why it looks like loan sharking to me: because out of the interest that you collect, 10% of the money that you receive, you keep some of it, because you need to make a profit as well".

In response, Florin Dănescu mentioned: "In Romania, banks have been losing money for five years in a row, did you know that? Even with this loan sharking that you are talking about".

Another question addressed to bankers was: "Why should we trust banks, when so many people have lost their homes because of you?"

The questions asked by the "enquiring" pupils who wanted to get their financial education were hailed with loud clapping by their colleagues.

Yesterday's meeting was attended by young people from fourteen Bucharest high-schools.