The antitrust inspectors descended at the offices of several commercial banks in the country, being suspected of cartel agreements in connection with reports in the Credit Bureau. The watchdog’s checkups are aimed at collecting evidence to prove the anti-competitive agreements and targeted bankers’ computers, e-mails and telephones.
In November 2022, the antitrust body conducted unannounced inspections at ten banks suspected of having colluded to establish the Romania’s three-month ROBOR index, the interbank interest rate used as a reference to calculate variable interests for loans in lei taken out before May 2019. Inspectors seek to obtain information and documents necessary to clarify whether or not anti-competitive practices exist. Unannounced inspections are authorized by the Bucharest Court of Appeal and represent a significant part of inquiries into possible anti-competitive practices.
Should the Competition Council find violations of antitrust laws, the companies involved risk fines of up to 10% of the turnover. Companies that cooperate with the competition authority under the leniency program can obtain immunity from the fine or substantial fine reductions.
The Credit Bureau is a private company that manages a database organised in centralized system which contains data regarding the crediting activity carried out by licensed financial-banking institutions.
The Credit Bureau was established at the end of 2003 and is a joint stock company which at the beginning had 20 banks as shareholders and now has 18 banks as shareholders.