Court Rules in Favour of the Competition Council in the ROBOR Investigation Case

The Competition Council has won its legal disputes with two banking institutions under investigation in the case concerning the fixing of the ROBOR reference rate, following a recent decision by Romanian courts.

The banks in question attempted to obtain a suspension of the legal proceedings conducted by the competition authority through the District 1 Court and the Bucharest Court of Appeal, with the aim of blocking the completion of the ongoing investigation.

This investigation concerns the manner in which the ROBOR rate is set, which serves as the basis for calculating interest on loans granted to Romanian consumers, including pensioners and elderly individuals who have active credit agreements.

For seniors with mortgage loans, consumer loans, or credit cards indexed to ROBOR, the outcome of this investigation could have significant implications for the monthly financing costs they bear.

The courts dismissed the banks' applications to suspend the proceedings, thereby allowing the Competition Council to continue the investigation and reach its final conclusions in the case, which could shed light on the practices used to set this crucial benchmark for the Romanian financial market.

The courts' decision represents an important step in the process of verifying the transparency of the mechanisms that influence borrowing costs for all consumers, including the elderly segment of the population who access banking services.