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The Romanian Executive announced new financing criteria for people buying their first house. But a top Central Bank officer was cautious about the chances for success the program held.
Central Bank Chief Economist Valentin Lazea said that "the idea behind the program was good, but there were 1,001 details that could make the difference and bring about either failure or success. The failure, in this case, would be for tax-payers end up paying the credits folded on by their borrowers," Lazea explained."The Devil is in the details, as they say. One such detail could be the kind of collateral the people borrowing the money could give," he added.
The Executive also did not make clear if the new funding rules would apply for houses already having been built.
Lazea said he had no idea if the Central Bank engaged in talks with commercial banks to alter the crediting requirements, as the latter have asked.
At present the aggregate mortgage value stays at five billion Euro.
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