The code revises the previous banking ethics code approved in 2009 and is implemented by all lenders in Romania.
The new code of conduct includes for the first time a chapter on best practices in relation to debtors in financial difficulty.
“The code sets new ethical standards and rules of conduct that will be observed by the entire banking industry. It regulates relations between banks, banks and customers, banks and authorities, banks and employees, creating a single, transparent and predictable framework for banking relations,” said ARB board chairman Sergiu Oprescu.
The association comprises all 35 active banks in Romania and includes six affiliated members that are non-banking financial institutions.