Monday, June 8Monday, June 8The third-largest bank in Romania has joined its peers in rejecting the Competition Council’s record fines for alleged manipulation of the ROBOR benchmark, calling the decision “unjust and unfounded.” UniCredit Bank Romania said on Monday that it firmly opposes the council’s ruling, which last week imposed fines totaling €700 million on 10 lenders for coordinating the setting of the interbank rate. The bank’s statement follows similar rebukes from Banca Transilvania and BRD, which was fined more than 412 million lei (€83 million) for its alleged role in the scheme.
UniCredit’s response underscores a growing wave of defiance among Romania’s financial institutions. The Competition Council announced the penalties on Friday, accusing the banks of artificially inflating ROBOR by 2 to 3 percentage points between 2015 and 2020. The council claims the lenders coordinated their submissions to the rate-setting panel, distorting borrowing costs for millions of Romanians with mortgages and business loans tied to the benchmark. BRD, majority-owned by France’s Société Générale, said it “firmly disagrees” with the findings and intends to challenge the decision through legal avenues.
The controversy has already triggered a fresh wave of litigation. On Monday, lawyer Gheorghe Piperea, an AUR MEP known for leading collective lawsuits against banks during the 2008 financial crisis, urged borrowers to seek compensation. Piperea alleges that ROBOR was manipulated to the detriment of consumers and that affected clients should file claims for damages. His call comes as Romanian courts prepare to hear the first cases brought by borrowers seeking redress for what they describe as overcharging on loans linked to the benchmark.
The dispute has also reignited debate over the transparency and governance of ROBOR, which remains a cornerstone of Romania’s financial system despite growing calls for reform. The benchmark, modeled on the scandal-plagued Libor in the UK, has faced repeated scrutiny over its susceptibility to manipulation. The latest fines—among the largest ever imposed by the Competition Council—reflect both the scale of the alleged misconduct and the regulator’s determination to crack down on anti-competitive practices in the banking sector.
For now, the banks are digging in. UniCredit, BRD, and others have vowed to contest the fines, setting the stage for a prolonged legal battle that could reshape the regulatory landscape in Romania’s financial markets. The outcome will have far-reaching implications not only for the lenders involved but also for the millions of Romanians whose loans and savings are tied to ROBOR’s fluctuating rates.
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