October 18, 2016 / 10:11 AM / a year ago

Romania parliament unanimously passes Swiss franc loans conversion bill

BUCHAREST, Oct 18 (Reuters) - Romania’s lower house of parliament unanimously approved a bill to convert Swiss franc loans into the leu currency at historical rates on Tuesday, going against central bank recommendations.

The bill, which cleared parliament in a 248/0 vote backed by all political groupings, applies to all Swiss franc loans irrespective their value. Last week, deputies agreed to convert all loans of up to 250,000 Swiss francs.

“This is not a law against the banking system. It’s a reparatory piece of legislation for borrowers,” Liviu Dragnea, head of the country’s biggest party, the leftist Social Democrats told deputies. (Reporting by Radu Marinas; Editing by Dominic Evans)

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