The Competition Council is investigating 12 banks for a possible loan cartel


Get real time updates directly on you device, subscribe now.

The Competition Council’s inspections regarding a possible cartel agreement on the granting of loans targeted 12 banking groups, the president of the institution, Bogdan Chirițoiu, said on Monday. He stated that the inspections lasted three days, during which evidence was collected. The banks are suspected of having agreements on how credit scores are calculated, which led to the blocking of access for some customers.

The removal of documents that could represent evidence was done with a court order. Depending on these, but also on how the involved banks will collaborate, there could already be a result of the investigation next year, Chirițoiu also stated.

Last week, the representatives of the Competition Council carried out unannounced inspections at the premises of several commercial banks, having the suspicion that the financial institutions colluded with each other to set the interest rates on loans

Unannounced inspections are authorized by the Bucharest Court of Appeal. Inspectors thus aim to obtain information and documents necessary to clarify whether or not an anti-competitive practice exists. Unannounced inspections are an important stage in the investigation procedures of possible anti-competitive behavior, but they do not represent a pre-judgment regarding the companies’ guilt.

If the Competition Council finds a violation of the competition rules, the companies involved risk fines of up to 10% of the turnover. Companies that cooperate with the competition authority under the leniency program can obtain immunity from the fine or substantial reductions of it.

DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.
So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRL
UniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002

Leave A Reply

Your email address will not be published.