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Romanian Competition Council may investigate banking sector

12/10/2017

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The head of the Romanian Competition Council, Mr. Bogdan Chiritoiu, has recently announced that if they find signs that the recent increase in the ROBOR (Romanian Interbank Offer Rate) is a result of collusion between banks, they will consider launching an investigation. ROBOR is calculated daily by the National Bank of Romania (NBR), by finding the arithmetic mean of the interbank offer rates quoted by 10 banks selected by the NBR. The 3 and 6 month ROBOR both rose steeply at the end of September and continue to rise steadily. This impacts RON loans with variable interest directly because they fluctuate depending on ROBOR.

The Romanian Competition Council is already carrying out a sector-focused investigation on the banking market. The focus of this investigation is to identify why bank charges and commissions are higher in Romania than in other countries. This investigation is set to be finalised in June 2018.

For more information, please contact Cristina Popescu.

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