Romanian Banks Reject ROBOR Manipulation Claims, Warn of 'Abuse' by Competition Council

Romanian banks have strongly refuted allegations of manipulating the ROBOR interest rate index, issuing a stern warning that any sanctions imposed by the Competition Council could severely undermine public confidence and the country's investment credibility.

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We have taken note, with profound indignation at an inexplicable abuse, of the Competition Council's communications regarding the adoption of a decision concerning alleged ROBOR manipulation by market participants.

In an open letter, the Romanian Banking Association and the Financial Services Employers' Federation expressed "profound indignation" at the Competition Council's communications regarding a potential decision to penalize market participants. They argue that the evolution of ROBOR should be understood within the context of genuine macroeconomic pressures, including inflation, uncertainty, fiscal imbalances, and rising financing costs, rather than being attributed as a fault of the banking sector.

The financial organizations labeled the accusations and the Competition Council's stance as a "grave error," asserting that banks have adhered to laws and market rules. They rejected responsibility for broader economic issues like inflation or budget deficits, characterizing the attempt to scapegoat the banking sector as a form of "financial populism." The groups called for prudence, predictability, and institutional dialogue, emphasizing that sanctions could negatively affect economic stability and Romania's attractiveness to investors.

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The evolution of ROBOR must be understood in the context of real macroeconomic pressures in recent years - inflation, uncertainty, fiscal imbalances, and rising financing costs - and not be transformed into a fault attributed to the banking sector.

They further cautioned against creating unrealistic expectations about damages or recovery before definitive legal clarification. The organizations stressed that a responsible approach requires rigor and respect for the judicial process, preventing public debate from being diverted by premature conclusions that could cause confusion or disappointment among clients. They warned that financial populism carries significant economic costs, and undermining financial partners does not benefit clients or the state.

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Financial populism leaves heavy bills in the economy.