Competition Council fines banks 3.73 billion RON for ROBOR manipulation

Romania's competition authority has issued the largest fines in its history, sanctioning ten banking institutions with a combined total of 3.73 billion RON (approximately 710 million euros) for serious breaches of competition rules.

The Competition Council's investigation established that the banks had illegally coordinated their behaviour in the process of setting the ROBOR (Romanian Interbank Offered Rate) benchmark index, thereby violating both national competition legislation and the Treaty on the Functioning of the European Union.

This decision has major implications for millions of Romanians with ROBOR-linked loans, as the index is used as a reference for calculating interest rates on the majority of bank loans in the country, including mortgage and consumer credit.

For pensioners and older adults who have taken out loans or are in the process of making important financial decisions, this sanction sends a clear signal that the authorities are actively monitoring the banking market to protect consumers from anti-competitive practices.

The manipulation of ROBOR directly affected borrowing costs for all debtors in Romania, including elderly people who needed credit for various purposes, from home renovations to covering medical expenses.

The Competition Council continues to investigate other aspects of the financial market to ensure that banks adhere to the principles of fair competition and that consumers, regardless of age, benefit from equitable terms in their dealings with financial institutions.