The Competition Council is still analyzing data collected from banks in its investigation into possible cartel arrangements regarding reports to the Credit Bureau, and the results will be presented no earlier than next year, at the same time as the results of another investigation into possible organization of the ROBOR index, said in Monday, Bohdan Chiritsoyu, president of the body.
- “Part of the Credit Bureau is very new. We were still processing the data collected from the banks. I think we won’t get the results until next year at the latest, and we’ll come out with them.
- If sanctions are achieved, then the sanctions must be proportionate and justified, that is, we will not come up with more fines. If somehow it comes to fines, we will connect the two investigations.” said Bohdan Chiritsa on Monday.
In September of this year, representatives of the Competition Council conducted surprise inspections at the headquarters of several commercial banks, suspecting that the financial institutions entered into a conspiracy among themselves to set interest rates on loans, official sources told Hotnews.
Inspectors of the Competition Council on Tuesday visited the offices of the country’s commercial banks suspected of a cartel agreement in connection with reports to the Credit Bureau.
Last November, the bankruptcy institution conducted surprise inspections of 10 banks suspected of creating a cartel to set the ROBOR index, according to which part of Romanians’ loans are calculated.
What are surprise checks?
Unannounced inspections are authorized by the Bucharest Court of Appeal. Thus, the inspectors seek to obtain the information and documents necessary to find out whether an anti-competitive practice exists.
Unannounced inspections are an important step in the investigation procedures of possible anti-competitive behavior, but are not a preliminary judgment on the companies’ guilt.
If the Competition Council finds a violation of the competition rules, the companies involved face a fine of up to 10% of the turnover.
Companies that cooperate with the competition authority under the leniency program can receive immunity from the fine or a significant reduction of it.
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Source: Hot News
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