Fines of 800 million euros for banks in the 2022 ROBOR manipulation scandal

The Competition Council is preparing to impose record fines of 800 million euros against banks suspected of manipulating the ROBOR index during 2022, according to sources within the financial market.

This investigation concerns the alleged manipulation of the most important benchmark rate for loans in Romanian lei, upon which the repayments of loans taken out by millions of Romanians depend, including pensioners and elderly individuals with mortgage or consumer loans.

ROBOR (Romanian Bank Offered Rate) represents the average interest rate at which banks lend to one another and serves as a reference for calculating variable repayments on loans denominated in the national currency. Any manipulation of this index has a direct impact on the costs borne by borrowers.

For pensioners and elderly people with active loans, this investigation is particularly significant, given that they are among those most vulnerable to unexpected fluctuations in interest rates, which can considerably affect their already limited budgets.

The substantial fines being prepared by the competition authority reflect the severity of the alleged misconduct and its potential impact on consumers, particularly those on fixed or low incomes, such as pensioners.