Romanian SocDems draft law to compensate for effects of ROBOR manipulation

Social Democrat (PSD) senator Daniel Zamfir announced he submitted a bill that obliges credit institutions to compensate debtors harmed by unfair competitive practices or interest calculation errors, after such situations are detected by the competent authorities, according to Financialintelligence.ro. The move came after the competition body announced a record EUR 710 million fine for ten banks accused of colluding on ROBOR fixing, although the final decision was not drafted yet, and the banks already announced they would challenge the ruling in court.

“[...] Banks are compelled to correct the errors found, recalculate contractual obligations by applying a revised calculation formula to all contracts and fully refund the damage proven following the investigation," Zamfir explained.