A few months ago, Adrian Vasilescu, advisor to the governor of the NBR, was saying that the loans denominated taken in the controversial currency exceed 1 billion lei. At the time, he said that the banking system would not be affected by a potential decision to convert the loans denominated in Swiss Francs to the local currency at the exchange rate that was in effect at the time the loan agreements were concluded: "The amount of money which the banks would no longer collect if it was decided that the exchange rate differential paid for loans denominated in Swiss Francs is abusive would not exceed a few hundred million lei, which, for 40 banks, which is how many there are in Romania, is not a threat. Nor is it a threat for those that have granted loans".
In spring, the representatives of the NBR were saying that those that borrowed in Swiss Francs should have been aware that there was a significant risk involved in taking out this kind of loan.
It is hard to imagine that an exotic currently like the Swiss Franc could be as cheap as it was for thirty years before the crisis, NBR vice-governor Cristian Popa said at the time: "I think that the fundamental question gets asked in terms of the covered costs and specifically, aside from this proactive measure to educate the public, what needs to be taken distinctly into account is the exchange rate risk of a loan, especially in the case of a currency like the Swiss franc. We can now talk about the potential exchange rate differential over time, and who should cover it. And in that regard, I have to admit that we need to study things because things aren't very clear to me". The NBR official said that the Central Bank has advised people not to borrow in foreign currencies, especially in exotic currencies, which the NBR can control, and said that the NBR warned at the time when "everybody was thinking that they had discovered the potential bonanza" of the loans denominated in Swiss francs that it might be a "false comfort" and that over 20-30 years - the duration of a mortgage - there is a high possibility of reversals occurring - either in the exchange rate, the interest rate, or both.
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