If you took out a mortgage before May 2019, your variable rate adjusts on ROBOR. If you took it after, it adjusts on IRCC. The difference is not just technical, it means real money in the monthly payment: in Q2 2026, the gap between the two indices is 0.18%, worth roughly 26 lei per month on an average mortgage balance of 175,000 lei.

This guide explains what the two indices are, how they have behaved in recent years, how to decide which one suits you, and what to do if you want to switch from ROBOR to IRCC.

Quick answer

• ROBOR moves daily, IRCC updates quarterly
• IRCC is mandatory for new consumer loans after May 2, 2019
• Q2 2026 readings: ROBOR 3M 5.85%, IRCC 5.67%
• Switching from ROBOR to IRCC on an old loan is done via contract addendum or full refinancing
• IRCC is more stable over short periods, ROBOR is more reactive to central bank changes

How the two indices are built

ROBOR (Romanian Interbank Offer Rate) is a theoretical quote. Each business day, 10 banks selected by the Romanian Banking Association report to the central bank the rate at which they would be willing to lend to other banks across standard maturities, from 1 day to 12 months. The highest and lowest values are dropped, the remaining eight are averaged. ROBOR is then published at 11:00 each working day.

IRCC (Consumer Credit Reference Index) is an average of real transactions. The central bank takes all effective interbank operations from the prior quarter, weighs them by volume, and publishes the index that will govern the following quarter. IRCC for Q3 2026 was announced in May and stands at 5.67%, fixed until the end of September.

The philosophical difference: ROBOR asks „at what rate would you lend”, IRCC measures „at what rate was lent”. In calm periods the two converge. In market stress, divergence can exceed one percentage point.

Practical differences

ROBOR is sourced from 10 banks reporting daily, IRCC is calculated quarterly by the central bank. ROBOR updates daily, IRCC once a quarter. ROBOR volatility is high, IRCC is low. For new consumer loans after May 2, 2019, ROBOR is banned and IRCC is the legal standard. For old loans, ROBOR continues on pre-2019 contracts and IRCC is optional through addendum. Q2 2026 values: ROBOR 5.85%, IRCC 5.67%. ROBOR reacts immediately to central bank moves, IRCC reflects them one quarter late.

How each index evolved 2019-2026

The transition from ROBOR to IRCC for new consumer loans was made by GEO 19/2019, adopted in May 2019. The official reason, set out in the explanatory memorandum, was to reduce volatility and opacity in the reference rate, after the 2017-2018 episode when ROBOR surged abruptly and affected millions of Romanians with mortgages.

Numerical evolution of both indices, per daily and quarterly central bank reports:

2019 Q2 IRCC launch: ROBOR 3M 3.21%, IRCC 2.36%. Central bank rate 2.50%, inflation 4.1%. 2020 Q2 pandemic: ROBOR 2.49%, IRCC 2.41%. Central bank cut rate to 1.50%. 2021 Q4 inflation wake-up: ROBOR 3.17%, IRCC 1.86%. Central bank began tightening. 2022 Q4 inflation peak: ROBOR 8.17%, IRCC 5.97%. Inflation 16.8%, rate 6.75%. 2023 Q4: ROBOR 6.72%, IRCC 6.18%. Inflation falling to 7.2%. 2024 Q4: ROBOR 6.42%, IRCC 6.05%, inflation 4.8%. 2025 Q4: ROBOR 5.91%, IRCC 5.72%, inflation 3.9%. 2026 Q2: ROBOR 5.85%, IRCC 5.67%, central bank holding at 6.25%.

The IRCC advantage during the 2022 inflation peak was clear: ROBOR climbed to 8.17%, IRCC reached only 5.97%, a 2.2% gap in favor of new IRCC-based loans. On a 175,000 lei mortgage balance, that meant roughly 320 lei less per month on the variable rate. Hundreds of thousands of Romanians paid significantly less because GEO 19/2019 was adopted in time.

Which one is better for you

The answer depends on when you took the loan, how much you still owe, what time horizon you have, and what you expect rates to do.

For a new loan after 2019

You have no choice: IRCC is the legal standard. The real decision is between variable IRCC and fixed rate, where fixed tends to carry a 0.5-1% margin above current IRCC as insurance for the bank. For horizons longer than 7 years, fixed becomes attractive if you expect rates to rise.

For an old loan on ROBOR

Here it is worth doing the math. Check your current statement for the gap: if ROBOR is more than 0.3% above IRCC and your balance exceeds 80,000 lei, the switch is almost certainly worthwhile. On a smaller balance, the administrative cost of the addendum can wipe out the saving.

The Bogdan case, Iași, 175,430 lei mortgage

Roman Dumitrescu, former BCR risk analyst: "A close friend, Bogdan, 39, accountant at an import company in Iași, asked me in March 2026 whether it was worth switching from ROBOR to IRCC on a mortgage taken with Raiffeisen in 2017. Remaining balance: 175,430 lei. Remaining term: 9 years and 2 months. Bank margin: 2.4%. Current rate with ROBOR 3M 5.85% plus margin: 8.25%. Monthly payment: 2,187 lei.

"I ran the numbers with IRCC 5.67% plus the same margin: 8.07%. New payment: 2,171 lei. Monthly difference: 16 lei. Over the remaining term: 1,760 lei saved in total. Raiffeisen's addendum fee in 2026: 0.5% of balance, that is 877 lei. Net saving: 883 lei over 9 years. An honest conclusion, small but positive. Bogdan made the switch, more for the reduced monthly volatility than for the pure saving. Over 5-9 year horizons, what matters is that IRCC fixes your rate for three months, instead of moving every day with ROBOR."

How to switch from ROBOR to IRCC, step by step

Step 1, ask for an updated statement. From your bank, via internet banking or in branch. You need the exact balance, the contractual margin, the remaining term, and the exact date the loan was signed.

Step 2, calculate the saving. Use the refinancing calculator or ask the bank for a written simulation with the new IRCC rate. Compare total payment over the remaining term.

Step 3, ask about the addendum fee. Varies by bank: 0% at some, 0.3-0.7% at others. Subtract this cost from the gross saving to get the net saving.

Step 4, decide. If net saving exceeds 1,500 lei and the remaining term is over 4 years, switch. Below these thresholds, it is not worth the administrative effort.

Step 5, sign the addendum. The procedure takes 7-14 business days. The new rate applies from the next payment cycle.

What does not change in the ROBOR to IRCC switch

The bank margin stays as in the original contract. The bank cannot increase it via addendum without your explicit written consent. The total amount to repay is recalculated on the new rate, but the term does not lengthen unless you ask.

Some old contracts have special clauses (for example, an annual rate-fixing option) that do not transfer automatically. Read the bank's offer carefully before signing.

How IRCC is updated quarterly

The central bank announces IRCC for each quarter roughly 15 days before the start of the quarter. Official calendar: Q1 announced around December 15, Q2 around March 15, Q3 around May 15, Q4 around August 15.

The bank applies the new IRCC automatically from the first day of the quarter. You do not need to do anything, but it is useful to verify that the new rate in your statement matches the calculation „published IRCC plus contractual margin”. Errors are rare but happen, especially during portfolio transfers between banks.

Frequently asked questions

Why are ROBOR and IRCC not equal? They reflect different things. ROBOR is a theoretical quote, IRCC is transactional reality. Usual gap is 0.1-0.3%, with larger peaks in volatile periods.

Can I switch back from IRCC to ROBOR? Not for a consumer loan to an individual contracted after May 2019. GEO 19/2019 prohibits it. For old loans still on ROBOR, you can stay on ROBOR.

Is a fixed rate better than variable IRCC? Over 1-3 year horizons, IRCC tends to be lower. Over 7 years or more, fixed becomes insurance against rises.

How do I find the current IRCC? On the central bank website, „Interest rate indicators” section. It is the official figure the bank uses to compute your rate.

Can the bank refuse my switch from ROBOR to IRCC? Yes, by contract it is not obliged to accept. In practice, most major banks (BCR, BRD, Raiffeisen, BT, ING) accepted voluntary transitions after 2019 as a customer retention signal. Alternative: refinance the loan in full at another bank on IRCC. See when refinancing is worth it.

Related

• IRCC explained in detail
• NBR, Euribor and IRCC, interest rate guide
• When refinancing is worth it
• Refinancing savings calculator
• Compare 2026 mortgages

Editor's note: „IRCC is not a trick by the bank or by the central bank. It is an index built as a response to ROBOR's 2017-2018 volatility, and it worked exactly as intended during the 2022 inflation peak. For a new borrower, IRCC is the standard. For an old ROBOR-based borrower, the switch decision is a matter of simple arithmetic, not philosophy. Calculate the net saving over the remaining term, compare with the administrative cost, and act accordingly.”