On Tuesday, the Competition Council launched several inspections in Bucharest at the headquarters of 10 banks involved in the calculation of ROBOR, as part of an investigation in which they suspect an agreement between these banks to set the interest rate at the highest possible level. , sources close to the investigation told HotNews.ro on Tuesday.
According to HotNews.ro’s sources, the investigation launched by the Competition Council is recent, but the preparation and analysis have been taking longer.
Which banks participate in ROBOR calculation
ROBOR is the interest rate at which banks participating in the calculation of this index are ready to offer loans in the form of deposits in lei to other depositor banks.
According to the data of the Association of Financial Markets (ACI), the 10 banks that perform the role of ROBOR calculation participant are: Banca Comercială Intesa Sanpaolo Romania, Banca Comercială Română, BRD – Groupe Societe Generale, Banca Transilvania, CEC Bank, Eximbank, ING Bank NV Amsterdam – Bucharest branch, OTP Bank Romania, Raiffeisen Bank and Unicredit Bank.
What is the responsibility of the banks involved in ROBOR calculation?
Participating banks appoint specialized personnel with appropriate training in the field of financial markets to provide quotations for the calculation of ROBOR.
For this activity, banks ensure the independence of decision-making by personnel who contribute to any other structure of the bank, including the lending area.
ROBOR settlement participants have codes of conduct and have implemented internal controls dedicated to this activity.
Are ROBOR members’ quotes only informative or firm?
Banks participating in the ROBOR calculation undertook to conclude agreements based on the quotations published for ROBOR calculation in the interval 11:00-11:15 at the request of another bank participating in the ROBOR calculation for certain maximum amounts.
For example, if a participant in the ROBOR calculation offered ROBOR 3 months at the level of 2.97%, he is obliged, at the request of any other participant made between 11:00 and 11:15, to lend him an amount of up to 5 million RON at the rate 2.97%.
Information about the inspections launched by the Competition Council was presented on Tuesday by Profit.ro and Zf.ro.
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Source: Hot News RO
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