ARB: Each bank independently sets the price strategy and quotations, and the similarity of quotations does not constitute an agreement. The evolution of ROBOR is determined by the fundamentals of the money market, «not by agreements between banks». Romanian banks comply with the legislation regarding the establishment of the ROBOR index and conduct themselves «in accordance with competition rules»
♦ The Competition Council has recently completed the documentation stage as part of an investigation started in 2022 and the hearing of the banks that are the subject of the investigation is following ♦ All the ten banks concerned received a copy of the report prepared by the competition authority and many of them reacted, in some cases claiming that they had behaved in accordance with and aligned with the legal requirements ♦ The Competition Council’s investigation of the 10 banks that establish ROBOR concerned the banks’ activity on the money market the interbank exchange carried out within the fixing procedure, as well as the one in the 15-minute interval after fixing, respectively the attraction and placement of interbank deposits by the banks participating in the establishment of the ROBOR/ROBID reference rates at the national level, according to the Competition Council ♦ ARB offers its technical support for clarifying any aspects regarding the functioning of the financial markets, claiming that «the evolution of the ROBOR index is determined by the fundamentals of the money market, not by agreements between banks».
Banks in Romania respect the national legislation regarding the manner in which the ROBOR reference index is established and conduct themselves in accordance with competition rules, this representing a permanent and priority concern at the level of the banking community, claims the Romanian Association of Banks (ARB) in a reaction sent to the report of the Competition Council related to the ROBOR investigation. «We express our belief that the final analysis of the authorities will confirm that the banks have always acted in good faith, in accordance with the applicable legal and regulatory framework, as well as with the rules and methodologies established by the competent authorities.»
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