Context:

The Competition Council allowed banks access to the minutes of the deliberation meeting within the ROBOR investigation, this being just one of the numerous stages to be undergone within the procedure.

Although Banca Transilvania has not received, until the time of publishing this information, the official written communication of the sanctioning decision, we have nevertheless noted from the press, contrary to any customs and procedural rules, about the amount of fines applied to banks within this investigation, namely the sanctioning of Banca Transilvania with a fine of 875.74 million lei (in its own name), and a fine of 85.03 million lei (related to OTP Bank Romania).

Banca Transilvania is still awaiting the official written communication of the sanctioning decision and its reasoning.

Position of Transilvania Bank:

We vehemently reject the conclusions of the report, we reaffirm our innocence and consider that the decision has no justification and no real basis. Beyond the financial implications, we are determined to defend our reputation.

We announce that, once the official confirmation of the decision and its reasoning is received, we will initiate the legal steps to challenge it at the Bucharest Court of Appeal. At the same time, we are prepared to appeal to any competent courts or authorities, domestic and international, for the full protection of our rights.

Together with the in-house lawyers, external attorneys, and auditors, we are convinced that there are solid grounds for obtaining a favorable court decision, completely dismantling the Council's accusations. We have full confidence in the justice process in Romania.

We consider that, essentially, the proposal to sanction Banca Transilvania disregards both the legal framework applicable to the banking sector and the way it is supervised and regulated, as well as the fact that BT acted in accordance with the legislation, market rules, and the standards imposed by regulatory authorities.

From a formal point of view, we express our reservations regarding the way this situation was managed in general and, in particular, we draw attention to the deficient communication with the involved parties. We note with surprise that information of major interest is disclosed in the press before an official written communication has been sent to us.

The decision of the Competition Council comes at a complicated moment for the country and the national economy, a moment when banks are the main pillar of economic and financial stability, with the banking sector being among the few hopes for economic recovery. The reduction of the future capitalization of banks (in total) by the circulated amount could lead to a potential decrease in lending in the banking system by up to 5 billion euros.

The arbitrary and unfounded decision of the Competition Council may cause a reduction in the chances of immediate economic recovery.