Bucharest court does not suspend BCR’s €110 mln fine — Romania Insider

The Bucharest Court of Appeal in Romania did not grant BCR bank’s request to suspend payment of a fine of RON 577 million, or about €110 million. According to Romania Insider, the fine was imposed by Romania’s Competition Council in a case involving the country’s ten largest banks.

The ROBOR case

The sanction is linked to allegations of possible manipulation of quotations on the interbank money market. According to the report, the purpose of such actions may have been to charge higher interest on loans tied to the ROBOR indicator.

BCR is part of Austria’s Erste financial group. The bank sought through the court to suspend payment of the imposed fine, but its request was rejected.

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The bank’s second unsuccessful case

According to Romania Insider, citing Economica.net, BCR became the second bank to lose a case on suspending the fine at the Bucharest Court of Appeal. Earlier, the court made a similar decision regarding the state-owned CEC Bank.

In total, ten Romanian banks were fined RON 3.7 billion in this case, amounting to more than €700 million.