ING Bank: We observe the competition rules

“ING Bank observes the current legislation, observes the principles of loyal competition and clients above all. The volatility of inter-bank market did not reflect in the level of interests at credits for our clients, natural persons or companies”, said the managing director of the bank, Misu Negritoiu, reads the press release remitted by the bank.

Furthermore, ING Bank mentioned it did not deviate from the market’s interest made public by the National Bank of Romania and that it complied and complies with the current legislation of the inter-bank market.

We are not part of any agreement or cartel designed to distort the market’s interests. The so-called agreement it is referred upon, is in fact, a message exchange between certain members of Dealers’ Association in Romania, which is not linked to the participation of the bank where the dealers come from”, reads the press release.

ING’s reaction comes after several press reports of this week, indicating that an e-mail was sent from one of the banks, suggesting that a 50% yearly interest would have been closer to reality.

The press signaled as possible participants to the “cartel” the following banks: Bancpost, ING Bank, UniCredit Tiriac and Royal Bank of Scotland (former ABN Amro), especially after BNR governor, Mugur Isarescu stated that 3-4 banks in the market hold very high quotations on interests in lei, which raised the average interest of the market.

On Friday, the Competition Council announced it started an enquiry on a possible agreement between certain players in the banking and inter-bank market.

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