Bucharest Stock Exchange opens lower after banks fined for ROBOR manipulation

The Bucharest Stock Exchange (BVB) experienced a downturn at the opening of Monday's trading session, with most indices showing losses. This decline follows the Competition Council's decision to impose hefty fines totaling 3.73 billion lei on 10 banks for alleged breaches of competition regulations related to the setting of the ROBOR index.

The main BET index saw a slight decrease of 0.05%, reaching 30,027.52 points. The BET-FI index, which tracks former investment funds (SIFs) and Fondul Proprietatea, experienced the most significant correction, dropping by 0.92%. In contrast, the BET-NG index, representing energy and utility companies, showed resilience with a 0.46% gain.

Among the heavily fined institutions were Banca Transilvania, which received a penalty of 875.74 million lei, and Banca Comercială Română (BCR), fined 577.36 million lei. Other banks facing substantial penalties include Raiffeisen Bank, UniCredit Bank, and BRD – Groupe Société Générale. In total, the fines amounted to approximately 710 million euros.

Despite the penalties, the sanctioned banks have rejected the accusations. They maintain that they have consistently adhered to the rules set by the National Bank of Romania. The institutions announced their intention to contest the decision in court, with some characterizing the sanctions as arbitrary, unfounded, or based on a misinterpretation of the interbank money market's functioning.