The first reaction of the head of the Competition Council after the 700 million euro fine imposed on the banks: "They are not violating banking rules, but competition rules, both national and European. The evidence is clear."

The President of the Competition Council, Bogdan Chirițoiu, announced that the recent investigation did not reveal a classic cartel among banks, but discovered practices that affected the establishment of the ROBOR index. Chirițoiu explained that banks had access to information about each other's quotes, which distorted the quoting process. The investigated issue does not refer to banking regulations, but to the behavior of banks in relation to competition rules.

Although the banks will contest the sanctions, Chirițoiu is confident in the solidity of the case, which has been discussed with the European Commission. The impact on rates is considered limited, and the Council has not quantified the damages. The decision may open the way for legal actions from clients. The imposed sanctions represent the largest fine in the history of the institution. The reasoning for the decision will be drafted in about a month, and the banks will have 60 days to contest the sanctions.

"Our problem is the behavior of the banks which, I repeat, violate not banking rules, but competition rules, both national and European. This is not a case of banking regulations. Banking regulations are generally in order. We have no problem with them. It is a clear case of competition. It is a case without major doubts. It is a case where the evidence is evident. Since it involves a violation of the Treaty on the Functioning of the European Union, the case has been discussed with the European Commission. If the European Commission was against the case, obviously we wouldn't be here. Our cases do not reach the courts unless they have been validated with the European Commission," said the President of the Competition Council.