The Competition Authority (AdC) “welcomes the decision of the Competition, Regulation and Supervision Court (TCRS) which confirmed the decision to condemn 11 banks” for price fixing, the regulator said in a note sent to Negócios.
“This is an unequivocal victory for the defense of competition in Portugal and in the European Union”, said the AdC, adding that “the TCRS decision reinforces the importance of the rigorous application of competition rules and the fundamental role of the AdC in preserving an efficient and dynamic market”.
Furthermore, the AdC “reaffirms its commitment to promoting and ensuring a competitive market for the benefit of consumers and the economy”, as can be read in the note on the conviction of 11 banks in the Santarém Court this Friday.
The decision, which can be appealed to the Court of Appeal, confirmed the fines that had been applied by the Competition Authority: CGD will have to pay 82 million euros (more than a third of the total), BCP 60 million, Santander 35.6 million, BPI 30 million, Montepio 13 million euros and BBVA 2.5 million.
BES (700 thousand euros), Banco BIC (500 thousand euros), Caixa Agrícola (350 thousand euros) and Unión de Créditos Inmobiliários (350 thousand euros) were also sentenced with fines of less than one million euros.
Banif, which accepted the fine of one thousand euros, although it has not yet paid it, is not included in this group of banks that appealed.
Judge Mariana Gomes Machado, who confirmed the duration of the infractions – between 5 and 10 years – considered that “the infraction is very serious, since those targeted reduced competition through a concerted practice”, she said, quoted by the Lusa news agency.
The judge also pointed the finger at the banks’ lack of critical thinking, as well as the absence of actions to prevent similar practices from being repeated.
At issue is the exchange of commercial information, both by email and by telephone, over more than a decade, between 2002 and 2013, in which financial institutions shared information considered sensitive regarding spreads, volume of credit granted and risk variables.
Source: www.jornaldenegocios.pt
