In brief
A variable-rate lei mortgage taken by an individual in Romania has been linked since May 2019 to the IRCC index, not to ROBOR. IRCC is a quarterly average of interbank rates in actual transactions, and it applies with a lag of about six months; from 1 October 2026 it stands at 5.57% according to the National Bank of Romania. The index is identical for all banks, so the margin the bank adds is the component you negotiate.
Key takeaways
- 1ROBOR is a daily interbank rate based on quotes that reacts quickly; it remains mainly in older loans and in loans to companies.
- 2IRCC was established by Government Emergency Ordinance 19/2019 and has applied since May 2019 to variable-rate consumer loans in lei, including mortgages.
- 3The IRCC for a given quarter is the average of the daily values of a quarter that has ended, and it applies from the second quarter after it.
- 4Your interest rate is IRCC plus a fixed margin (marjă). On a loan of 1,000,000 lei over 25 years, one percentage point in the index is worth about 660 lei a month.
- 5Euro loans are linked to EURIBOR and not to either of these indices.
When you receive a mortgage offer from a Romanian bank, the eye is drawn to the overall interest rate. But the line that determines what will happen to the repayment over the next twenty years is usually a shorter one: “IRCC + marjă”. Anyone who understands its two components can compare offers, choose a repayment track and assess the risk they are taking.
Which index will apply to your new mortgage?
If you take a variable-rate lei mortgage as private individuals, the index is IRCC (Indicele de referință pentru creditele consumatorilor, the reference index for consumer loans), plus the bank's margin. If the loan is in euro, the index is EURIBOR. ROBOR is relevant to you mainly if you have a loan taken before May 2019, or a loan through a company.
| ROBOR | IRCC | |
|---|---|---|
| What it is | The rate at which banks in Romania offer each other deposits in lei | An average of interbank rates in transactions actually carried out |
| Frequency | Published every business day by the BNR | Calculated once a quarter; the BNR also publishes daily values |
| Speed of response | Fast: moves in the same week that the market changes its expectations | Slow: a change in the market reaches the repayment roughly six months later |
| Which loans | Older loans to individuals (before May 2019) and loans to companies | Variable-rate consumer loans in lei since May 2019 |
| Common tenors | Three and six months | Quarterly |
IRCC was established by Government Emergency Ordinance 19/2019 and has applied since May 2019 to variable-rate consumer loans in lei, including mortgages.
How is IRCC calculated, and why does it lag?
IRCC was established by Government Emergency Ordinance 19/2019. Three features distinguish it from ROBOR:
- It is based on interbank transactions actually carried out, not on quotes.
- It is an average: the quarterly value is the average of the daily values of the reference quarter.
- It applies with a lag: from the first day of the second quarter after the reference quarter. Thus, the IRCC applying from 1 October 2026 was calculated on the data for April-June 2026.
The result is an index that is more stable but slow. A fall in market rates will not appear immediately in your repayment, and neither will a rise. A practical tip: the average of the daily values that the BNR publishes in the current quarter is, approximately, the IRCC that will apply in two quarters' time.
What are the values as of October 2026?
| Index | Value | Date |
|---|---|---|
| IRCC | 5.57% | Applies from 1 October 2026 until the end of December 2026 |
| IRCC, in the previous quarter | 5.56% | July-September 2026 |
| Three-month ROBOR | 5.97% (a year earlier: 6.52%) | 28 September 2026 |
| Six-month ROBOR | 6.04% (a year earlier: 6.67%) | 28 September 2026 |
| BNR monetary policy rate | 6.50% | October 2026 |
Over the past year ROBOR fell by about 0.55 to 0.63 percentage points, while IRCC barely moved, partly because of the lag built into the calculation.
How much is one percentage point in the index worth in the monthly repayment?
At a variable rate, your interest rate is the index plus a margin set in the contract. The index changes; the margin is fixed for the life of the loan. An example for illustration only: a loan of 1,000,000 lei over 25 years, at a margin of 2%.
| Scenario | Total interest rate | Estimated monthly repayment |
|---|---|---|
| IRCC falls by one point (4.57%) | 6.57% | About 6,796 lei |
| Current IRCC (5.57%) | 7.57% | About 7,436 lei |
| IRCC rises by one point (6.57%) | 8.57% | About 8,099 lei |
In other words, a one-point rise in the index adds about 660 lei a month in this example. And since the index is the same at all banks, the real difference between offers is the margin. That is the number worth comparing and negotiating.
Fixed rate, variable rate, or a combination?
Most banks in Romania currently offer three main structures:
- Variable from day one: IRCC plus a margin, with the repayment updated every quarter.
- Fixed for an initial period, usually three to five years, followed by IRCC plus a margin.
- Fixed for a longer period, at banks that offer it, usually at a higher initial rate.
There is no way of knowing where the index will go. According to the National Institute of Statistics (INS), inflation in Romania fell to 6.2% in August 2026, and the BNR raised its year-end forecast to 6.1%. The practical rule: choose a track you can sustain even if the index rises by one point, and ask the bank for the repayment on each track and for the early repayment terms.
What is the margin, and is it fixed for the entire term of the loan? What is the repayment on each of the tracks, and in a scenario where the index rises? And what are the cost and conditions of early repayment or of switching tracks?
What to do before signing the mortgage, and how we accompany you
A Romanian mortgage offer should be read before committing to the transaction: identify the index, the margin and the terms for changes, and make sure the financing is coordinated with the payment schedule in the purchase contract. We go through the loan and security documents with clients from the legal side, and coordinate with the notary and with lawyers licensed in Romania, before whom the mortgage contract is signed. The financial decision on the track is best made with a financial adviser.
What is stated here is general information, and the figures are correct as of October 2026. This is not legal or financial advice. The interest rate on any loan is set by the bank according to the borrower's profile, and the calculations are for illustration only.
Frequently asked questions
What is the difference between IRCC and ROBOR?
ROBOR is a daily interbank rate based on quotes that reacts quickly to the market. IRCC is a quarterly average of rates in actual transactions, which applies with a lag of about six months, and it is the index for variable-rate consumer loans in lei since May 2019.
What is IRCC currently?
According to the National Bank of Romania, from 1 October 2026 until the end of December 2026 IRCC stands at 5.57% a year. In the previous quarter it stood at 5.56%.
Why did my repayment not fall when market interest rates fell?
Because IRCC is an average of a quarter that has ended, and it applies only from the second quarter after it. A fall in the market reaches it roughly six months later.
What can be negotiated in a lei mortgage offer?
The margin (marjă). The index is uniform for all banks, so the difference between offers lies mainly in the margin, the repayment track and the early repayment terms.
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The information in this guide is general in nature and does not constitute legal or tax advice on any specific transaction. Every transaction is assessed on its own facts.