Inspections by the Competition Council regarding a possible cartel agreement regarding the provision of loans were directed against 12 banking groups, the president of the institution, Bohdan Chiritsoyu, said on Monday. He noted that the inspections lasted three days, during which evidence was collected. Banks suspect collusion in how credit ratings are calculated, which has resulted in some customers being blocked.

Seizure of documents that may be evidence was carried out by court order. Depending on them, as well as on how the involved banks will cooperate, the results of the investigation may be available as early as next year, Chiritsou also said.

We will remind you that last week representatives of the Competition Council conducted surprise inspections of the premises of several commercial bankssuspecting that financial institutions have colluded among themselves to set interest rates on loans

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 a leniency program may receive immunity from a fine or a significant reduction of it.Companies that cooperate with a competition authority under a leniency program may receive immunity from a fine or a significant reduction of it.