The Senate has voted on the ROBOR credit recalculation law. Romanians could receive money back from banks

On Wednesday, 14 October, the Senate adopted a bill that could require banks to recalculate interest rates on loans indexed to ROBOR and to refund any excess amounts collected, should it be proven that the benchmark rate was distorted through anti-competitive practices. The vote was 68 in favour, 1 against, and 26 abstentions.

The measure does not apply automatically to all ROBOR-linked loans, but only in cases where a final ruling finds a breach of competition law and where proven harm exists. In such cases, banks would be required to recalculate the amounts owed using the IRCC index and to repay the full amount of the damage caused.

Which loans are affected

The bill covers loans still in progress, including those taken out before 2 May 2019, where the variable interest rate was based wholly or partly on ROBOR. Fully repaid contracts are also included, but only where the general limitation period under the Civil Code has not yet expired — those whose right to reimbursement has already lapsed will not be able to reopen the procedure.

The interest recalculation will be carried out by reference to IRCC from 2 May 2019, the date on which Government Emergency Ordinance No. 19/2019 came into force, covering the period during which the loan carried a variable interest rate linked to ROBOR and the consumer suffered a loss.

How the repayment process would work

Affected individuals will be able to request a contract review from their bank within 45 days of the harm being established, following an investigation by a competent authority. The bank will be required to assess the request and send a written revision proposal, with an explanation of the new interest calculation and the value of the damage.

A maximum of 30 days is stipulated for submitting the proposal and resolving the request, whilst the adopted text also sets a maximum of 45 days for recalculating obligations — timeframes that will need to be reconciled in practice. Clients may request further clarification if they do not understand the calculation method, and must provide written consent before the compensation process is finalised.

If the recalculation is accepted, the bank must pay the amounts owed within no more than 15 days of receiving the written consent, either by bank transfer to the account specified by the client or by reducing the outstanding loan balance, if the loan is still active. The choice rests with the client.

If the bank and the borrower fail to reach an agreement, the compensation procedure is suspended and the consumer may apply to the courts for the recalculation of amounts and recovery of damages. From the date of application until resolution, the variable interest rate clause is suspended, though this does not mean the debt to the bank is automatically cancelled.

Fines of up to 100,000 RON

For failure to comply with the obligations under the recalculation and contract revision procedure, the bill provides for fines of between 10,000 and 50,000 RON. Should banks fail to resolve requests within the stipulated timeframe or fail to submit the required documents, fines increase to between 20,000 and 100,000 RON, depending on the severity of the breach.

The heaviest sanctions, ranging from 50,000 to 100,000 RON, are reserved for banks that fail to repay on time amounts already accepted in writing by clients. Identifying infringements and imposing fines will fall to the National Authority for Consumer Protection (ANPC), which will also be able to set a maximum period of 30 days for the fulfilment of obligations.

The law is not yet in force

The bill must still be debated and voted on by the Chamber of Deputies, which is the decision-making chamber, before going through the procedures required to become law. The initiative comes against the backdrop of the Competition Council's investigation into the setting of ROBOR: in June 2026, the authority imposed sanctions of approximately 3.73 billion RON on ten banks, accused of coordinating their behaviour in the benchmark-setting process. The banks have challenged the decision in court.

The National Bank of Romania previously issued a negative opinion on this legislative proposal, meaning the final version of the law could be amended in the Chamber of Deputies. Compensation is not guaranteed to all borrowers with ROBOR-linked loans; it will depend on the law's definitive adoption, on a finding that competition law has been breached, and on proof of harm.