Updated on 20 October 2026. On 28 September 2026, the Romanian Competition Council (Consiliul Concurenței) notified the banks of its reasoned decision fining ten credit institutions a total of RON 3.73 billion for coordinating their conduct in the ROBOR fixing (rate-setting procedure). On 14 October 2026, the Senate adopted a bill on compensating affected customers. We explain what has changed, which time limits are now running and what borrowers with ROBOR-linked loans can do.
What the Competition Council decided
In June 2026, the Plenum of the Competition Council, by a unanimous decision, fined ten banks participating in the ROBOR fixing. The Council found that the banks had exchanged confidential and strategic information, in particular about their quotes, and had adjusted their conduct in light of information about their competitors, even though each participant was required to submit its quotes independently. The conduct was characterised as an infringement of both national and EU competition rules.
The investigation was opened ex officio on 24 October 2022 under Article 33(1)(a) of Competition Law no. 21/1996 (“Law no. 21/1996”).
What has happened since the reasoning was notified
Challenge before the court
The decision may be challenged before the Bucharest Court of Appeal within 30 days of notification, which, given notification on 28 September, means by the end of October 2026. The banks have stated that they will seek annulment of the decision. A challenge does not automatically suspend enforcement; the fine is enforceable, and the banks may apply to the court for a suspension under Article 51(2) of Law no. 21/1996, read in conjunction with Article 15 of Law no. 554/2004 on administrative litigation.
Remedial plans and the ROBOR calculation method
The banks have 60 days from receipt of the reasoning to propose measures to bring the sanctioned practice to an end, and these measures must be approved by the Competition Council. The Council has also recommended that the National Bank of Romania (BNR) abandon the current fixing mechanism or substantially amend the rules governing ROBOR and government securities. Media reports indicate that one of the options under consideration is that banks should no longer see the other banks’ quotes before the index is set. The BNR has not yet adopted new regulations.
Bill L447/2026, adopted by the Senate
The Senate adopted the bill on 14 October 2026, with 68 votes in favour, one against and 26 abstentions. As passed by the Senate, the bill essentially provides for:
- compensation for borrowers harmed by a benchmark distorted by anti-competitive practices, but only once the infringement has been established by a final decision;
- recalculation of borrowers’ obligations by reference to the consumer credit reference index (IRCC), with effect from 2 May 2019;
- a recalculation proposal sent by the bank, with repayment of the sums concerned or a reduction of the outstanding loan balance, at the customer’s choice;
- the right of a customer who does not accept the calculation to bring the matter before the court;
- fines of RON 10,000–100,000 for banks, imposed by the National Authority for Consumer Protection (ANPC).
The law would apply only to natural persons; legal persons would have to bring proceedings before the courts under Government Emergency Ordinance no. 170/2020 on actions for damages for infringements of competition law provisions and amending and supplementing Competition Law no. 21/1996 (“GEO no. 170/2020”).
The bill provides for a 45-day period within which the consumer may request recalculation of their contractual obligations, and a maximum of 45 days from receipt of the consumer’s request within which the bank must carry out the recalculation.
The Chamber of Deputies may amend the bill. The law will enter into force only after the final vote, promulgation and publication in the Official Gazette of Romania (Monitorul Oficial). Until then, banks are under no obligation to recalculate interest on the basis of it.
Another bill, L339/2026, which sought to facilitate collective (representative) actions, was rejected by the Senate and is now before the Chamber of Deputies.
What must be proved to obtain compensation
At present, actions for damages for infringements of competition rules are governed by GEO no. 170/2020. The borrower must prove three elements:
- The anti-competitive conduct. A final decision of the Competition Council, that is, one that has not been challenged or has been upheld by the court, constitutes proof of the infringement before the civil court, which must rely on its reasoning, as that reasoning has thereby acquired the force of res judicata.
- The harm. The difference between the interest paid and the interest that would have been paid in the absence of the infringement. Quantifying it usually requires an economic expert report.
- The causal link. The effect of the coordination on the level of ROBOR and, through it, on each borrower’s instalments.
The limitation period is, as a rule, 5 years and does not begin to run before the infringement has ceased and the claimant knows, or can reasonably be expected to know, of the conduct, the harm and the identity of the infringer. The limitation period is suspended for the duration of the investigation and until one year after the decision becomes final. We therefore consider that, in the present case, the limitation period has not expired.
Does your company or institution have ROBOR-linked loans? Together with economic experts, we assess the harm and the litigation strategy.
What borrowers with ROBOR-linked loans can do now
- Keep the loan agreement, any addenda, the repayment schedules and the statements showing the interest applied.
- Note the period during which the loan was linked to ROBOR and any switch to IRCC or to a fixed rate.
- Follow the outcome of the banks’ appeals and the final form of bill L447/2026; both may change the strategy.
- For large loans or loan portfolios (companies, local authorities), obtain a legal and economic analysis before bringing an action.
Do you have a ROBOR-linked loan? We will review your agreement and tell you what options you have.
Frequently asked questions
Am I automatically entitled to compensation if I have a ROBOR-linked loan?
No. Compensation depends on the decision becoming final and on proof of the actual harm suffered. If bill L447/2026 becomes law, natural persons could have their loans recalculated through a direct procedure with the bank, under the conditions laid down by the law.
Until when can the banks challenge the decision?
Within 30 days of notification of the reasoned decision. For notification on 28 September 2026, the time limit expires at the end of October 2026.
Is the reasoning of the decision public?
The reasoning has been notified to the banks. The Competition Council usually publishes a non-confidential version of the decision on its website, which has not yet happened.
What is GEO no. 170/2020?
The legislative act governing actions for damages for infringements of competition rules: evidence, presumptions, quantification of harm and the limitation period.
Can companies claim compensation too?
Yes. GEO no. 170/2020 applies to any person who has suffered harm, including companies and public authorities with ROBOR-linked loans.
How we can help
The Adesman & Asociații team represents companies and individuals in litigation concerning damages for infringements of competition rules. Find out more about our litigation and arbitration practice.
Do you have questions about ROBOR compensation?
This material is provided for general information only and does not constitute legal advice. For an analysis of your specific situation, please contact us.
