Ten banks are facing record-breaking sanctions totaling approximately 800 million euros following an investigation by the Competition Council into the manipulation of the ROBOR (Romanian Interbank Offered Rate). This enforcement action marks a drastic escalation in regulatory penalties, as total fines issued by the council last year amounted to less than 70 million euros.
- Total Proposed Fines: Approximately 800 million euros
- Number of Institutions: 10 banks
- Core Issue: Coordination and information exchange regarding ROBOR settings
- Prior Context: Total council fines last year were under 70 million euros
Unprecedented Financial Penalties
The scale of the proposed sanctions reflects a significant shift in the Competition Council’s approach to market oversight. According to local media reports, the total of roughly 800 million euros dwarfs the council’s previous activity; for comparison, every fine issued by the body throughout the entire previous year combined totaled less than 70 million euros.
Allegations of Market Coordination
The sanctions stem from the coordinated behavior of ten banks during the procedure used to establish the ROBOR. The investigation focused on how these institutions handled the setting of the interbank rate, which serves as a benchmark for various financial products.
The banks exchanged too much information.
Chirițoiu
Legal Challenges and Institutional Reactions
The announcement has triggered immediate pushback from the financial sector. Two of the penalized banks have already announced their intention to contest the sanctions in court, according to public statements. Additionally, the National Bank has issued its first reaction following the announcement of the record fines.
