National Bank of Romania (BNR) governor Mugur Isărescu argued that by taking over the prerogative of protecting consumers of financial services from the national consumer protection body (ANPC), "the confusion regarding the role of the central bank in the relationship between consumers and banks would be avoided." He said that a draft bill is prepared in this regard.

"The professionals are here [and not at ANPC]," Isărescu claimed, according to Profit.ro.

But he added that the existing department charged with supervising the banks could conflict with the new department that should defend debtors' rights.

In other words, BNR should take over in order to invalidate the general belief that the central bank is rather protecting the banks - a general misconception that occurred during the court trials and debates on bills drafted after the 2008-2009 crisis when the debtors' associations pointed to BNR for its allegedly biased position. But for this, it is necessary to establish a new direction within the central bank and to pass a new law, governor Isărescu explained. 

andrei@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)