The Competition Council of Romania published a preliminary report on April 8 proposing fines totaling approximately €710 million for 10 banks for allegedly manipulating ROBOR – the Romanian Bucharest Overnight Rate, the interbank benchmark used to price most domestic loans.
The banks are fighting it and Romania’s central bank is publicly defending them.
Competition Council chief, Bogdan Chiriţoiu, said on Sunday he wants to finish the investigation by the end of the first half of this year.
The Competition Council’s alleges that starting in 2022, ten major lenders – including Banca Transilvania, BCR, BRD, ING Bank, Raiffeisen Bank, and UniCredit – coordinated to push ROBOR above what the interbank market would have produced on its own, which translated into higher borrowing costs for consumers and businesses.
The proposed €800 million in fines is unprecedented for Romania’s financial sector. Fines can reach up to 10% of annual turnover under EU antitrust rules, so the scale is within the authority’s power even if the final number comes down.
The National Bank of Romania says ROBOR rose because it raised the monetary policy rate to fight inflation, which stood at 10.7% in April 2026, the highest in the European Union.
The Competition Council needs to prove coordinated manipulation rather than a series of rational responses to monetary tightening.
The investigation began at the end of 2022 and included a detailed analysis, and the banks have 60 days to propose remedial measures. The Council’s decisions are enforceable and can be challenged in court.
