THE FINANCE MINISTER, IGNORED BY THE DEPUTIES FOR THE SECOND TIME Darius Vâlcov: "We are working with banks on a product that will resolve the CHF crisis"

The Ministry of Public Finance is working, together with the banks, on "a new product" to resolve the issue of loans denominated in Swiss Francs, Finance minister Darius Vâlcov said last night.

He said that over the last two days, he had meetings with the representatives of the banks that have lent in CHF, and further talks on the matter will happen over the next few days.

Last night, Darius Vâlcov was at the Chamber of Deputies, to present to the members of the Parliament's Budget Commission the new solution that he is working on, but the parliamentarians suspended the talks, as they were probably tired after hearing NBR governor Mugur Isărescu for three hours and a half.

This is the second time that the Finance Minister goes to the Budget Commission, and the deputies postpone the meeting. That has annoyed Darius Vâlcov, who did not give any details about "the new product": "I can not give you any details, I had come over to present this product to the parliamentarians, but it seems this is the second time I came over for nothing".

The minister of Finance said that all the banks that have exposure to the Swiss Francs have been invited to attend the talks, thus denying the claims from several banks that some of the banks concerned by the CHF issue that they were not invited to attend these meetings.

The representatives of the institutions with exposure to CHF did not agree to the "installment cut program", which involves the rescheduling of the loans and the granting of a tax break, according to sources close to the situation.

It seems that bankers told finance minister Darius Vâlcov, in Monday evening's meeting, that the only solution that banks will accept is individual negotiation with customers.

However, the latter say that when they go to the bank, no negotiation can happen, because the banks make demands from the beginning, and the talks take place "with the foreclosure papers on the table".

As part of the talks between the Ministry and the banks, which took place on Monday evening, on the issue of Swiss Franc loans that, the Finance minister has informed the bankers that, since they have not resolved the situation within three weeks from the moment the exchange rate for the CHF rose abruptly, the Ministry of Finance can intervene through a legislative act, according to our sources.

Some of the lenders that have issued loans denominated in CHF have announced the cut of the interest rates for loans denominated in CHF or their early cut in line with the cut of the LIBOR, an index taken into account in the case of loans denominated in CHF.