Banca Transilvania announced in a press release that it will challenge in court the sanction imposed in the ROBOR investigation, arguing that the decision lacks a proper basis and that it will defend its reputation through all available legal means.
CEC Bank considers the Competition Council's decision to fine ten banks in connection with the ROBOR-setting procedure to be deeply unjustified, lacking a solid legal foundation and based on erroneous interpretations of market mechanisms, agerpres reports.
In a press release issued on Monday, the bank announced that it would challenge the sanction in court and categorically rejects any allegation of ROBOR manipulation.
Raiffeisen Bank Romania SA will also challenge the Competition Council's fine in court in relation to the ROBOR-setting procedure, according to a release sent to AGERPRES.
"We will challenge the decision in court in order to demonstrate the propriety of our conduct and we are confident that the courts will confirm the legality and responsibility of our actions," the press release said.
The Competition Council fined ten banks a total of 3.73 billion lei for breaching competition rules, namely Romania's Competition Law and the Treaty on the Functioning of the European Union, by coordinating their conduct within the ROBOR-setting procedure.
The competition authority stated that its investigation found that the banks participating in the ROBOR-setting process coordinated their conduct through the exchange of confidential and strategic information, particularly price-related information, concerning the ROBOR level during the fixing procedure.
ROBOR is the benchmark rate for Romania's interbank money market and influences the calculation of interest rates on loans granted to legal entities, including state entities such as local public authorities. It also affects interest calculations for individuals holding loans issued before 2019 who have not requested a switch to IRCC.
Competition Council decisions are enforceable and the fines imposed constitute revenue for the state budget.
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