Romania Senate adopts law for ROBOR-linked loan compensation

The Romanian Senate has adopted a draft law that could allow citizens with loans tied to the ROBOR index to receive compensation if it is proven they were harmed by a distorted reference index. The legislation, proposed by the Social Democratic Party (PSD), aims to mandate banks to recalculate debt obligations using the IRCC index and return identified damages.

Under the proposed mechanism, affected clients could choose between receiving funds directly into a bank account or reducing their existing credit balance. Banks would be required to present a detailed breakdown of the calculated damages and provide a recalculation proposal within 30 days of a request. If a compensation offer is rejected, clients may seek recovery through the courts.

The initiative follows investigations by the Competition Council and the National Authority for Consumer Protection regarding the determination of the ROBOR index. While the project has received negative opinions from the National Bank of Romania (BNR) and the Economic and Social Council, it moves toward the Chamber of Deputies for further debate. The law would apply to active contracts and certain terminated ones, provided they fall within general prescription periods.