According to available data, this is the largest syndicated loan on the Romanian market in 2009. CNADNR could have some unpleasant surprises if the EURIBOR increases in the near future. The EURIBOR rate is currently at its lowest level, of 1.022 percent, while one year ago it was 5.43 percent. If this indicator rises, the price of the loan would also go up, to more than 10 percent.
Officials of the European Central Bank warned that, at a certain point in the near future, they will raise the interest rate, for fear of inflation. This will directly reflect in the cost of euro-denominated loans. Moreover, at present, Banca Comerciala Romana (BCR), one of the financing banks, offers a rate of EURIBOR+3.8 percent/year for the acquisition of homes through the “First Home” program. Consequently, the state manages to pay three percentage points more every year than a client with questionable revenues. Not only that the state, through CNADNR, does not have questionable revenues, but it guarantees the loan with the income from road tax vignettes by 2016, when the loan reaches maturity. The Romanian state estimates it will obtain some RON 800 million annually from vignettes through CNADNR, which is the exact amount of the loan. If the state borrowed at the rates applied for the “First Home” program, it would save over €5.5 mln annually.
