Romania’s Competition Council Might Fine Another Bank For Inexact Data

„We have already checked three of the ten banks subject to the investigation…. Raiffeisen was already fined, another lender is out of the investigation, and we’re completing check-ups for the third. The fine for the latter might be of EUR1 million,” Chiritoiu said, declining to name the respective bank.

The inexact data regard dealing activity of deposits placed and attracted by banks which participated in setting the ROBID/ROBOR reference indicators in October 2008, the Competition Council said.

The regulator launched a probe into the Romanian banking market in October 2008 to find out whether the local lenders made an agreement to set similar rates.

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On Wednesday, Raiffeisen Bank was fined 14 million lei (EUR1=RON4.1411) by the Council for providing inexact data during an inquiry into the local banking and inter-banking market.

However, Raiffeisen Bank said the regulator’s decision is ungrounded, as it has submitted to the investigators all the required documents by the end of October 2008, when the investigation was started, and in November 2009, when the lender received supplementary information requests.

The lender said late Wednesday that it will appeal the Competition Council’s decision.