Disputes generated by ROBOR fines may exceed the value of sanctions applied to banks

   The disputes that could be initiated by bank customers following the fines applied by the Competition Council in the ROBOR case could generate losses significantly higher than the amount of the sanctions, warns the National Bank of Romania (BNR) in the Financial Stability Report.According to the report, challenges to the stability of the banking sector include the risk of a more pronounced deterioration in asset quality, the high share of foreign currency lending in the case of non-financial companies and the emphasis on emerging risks, including those associated with digitalization, cyber attacks, climate change and the geopolitical context.In addition to these factors, credit institutions will also face costs associated with legal and reputational risks generated by the Competition Council's action related to the method of setting ROBOR, with implications for financial stability, the BNR notes.In June 2026, the Competition Council sanctioned 10 banks with fines totaling 3.73 billion lei (710 million euros) for violating competition rules, namely the competition law and the Treaty on the Functioning of the European Union, by coordinating behavior within the ROBOR setting procedure, the central bank notes.Until the publication of the Competition Council's decision, the National Bank of Romania requested a series of clarifications in order not to generate additional confusion, unrealistic expectations or unfounded accusations with effects on financial stability, the report also states."In order to correctly inform public opinion, it is necessary to clarify coherently: which legal provisions are violated under the conditions in which the regulation and norms of the money market are considered correct and respected; how an exchange of information in a framework characterized by transparency rules can be interpreted as anti-competitive behavior, as well as how the ROBOR level assumed to be correct, compared to the published one, can be determined", the report states.The BNR specifies that the fine imposed by the Competition Council may also lead to litigation by bank clients who had loans at an interest rate indexed to ROBOR. Depending on how the alleged damage caused to the debtors is calculated, these litigations may lead to losses significantly higher than the amount of the fines imposed."The two types of additional costs mentioned would be added to the costs related to the deterioration of the domestic and international macro-financial framework. The cumulation of the effects of the materialization of all these overlapping shocks would amount to significant expenses for credit institutions. The implications of these scenarios go beyond the banking sector, affecting both the revenues received by the Romanian state from the tax on banking profit, as well as the advantages associated with the external perception of the stability of the banking sector, which until now have had positive effects on the sovereign rating and on the cost associated with refinancing public debt. At the same time, the reputational effects at domestic and external levels on the Romanian banking sector should not be minimized," the report also states.