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Banking and inter-bank service industry under Competition Council scrutiny

Bankers deny agreements and promise to cooperate.

The Competition Council has stated an ex-officio investigation into the banking and inter-bank service market, suspecting possible agreements among certain market players. The Competition Council informs by press release that such practices are banned by the Competition Act.

‘Our investigation addresses the suspicion that the actors of the industry may be exchanging information and adopting specific trade conducts that have been also reported by the mass-media,' Competition Council President Gheorghe Oprescu states in the communiqué. According to Mediafax, bankers promise to cooperate with the competition authority during its investigation and to provide all required data.

Bancpost demands that investigation comply with the law

Bancpost President Mihai Bogza told Mediafax on Saturday that his bank had not made any agreement with other banks regarding the interest rates or any other arrangement that would have distorted competition, therefore it was not ‘nervous' about the findings of the inquiry. ‘We understand that the Competition Council is conducting an investigation at all ten banks that set the ROBID/ROBOR rates, and Bancpost is a big bank that surely participates in the system. We are a Romanian bank and we observe the laws of this country. As long as the investigation strictly complies with the law, including the banking privacy laws, we will make no objection,' said Bogza.

Raiffeisen Bank Communication Director Corina Vasile stated, in her turn, that her bank had submitted the required information to the Competition Council and that she did not expect the investigation to result in the conclusion that the competition law has been breached. ‘The Competition Council inspectors have solicited information that we completely supplied. They have not clearly defined the aims of the investigation, but Raiffeisen Bank does not expect the investigation to result in the conclusion that the competition law has been infringed upon,' Vasile said. She further added that the action did not seem very uncommon to her as long as checking competitive practices falls within the scope of competence of the Competition Council. Unicredit Tiriac Bank Communication Director, Ioana Paun Ivancenco, also said ‘the bank she represented was ready to contribute with all the necessary information for all the raised aspects to be clarified.'

ING: ‘We act by competition principles'

ING Bank Romania notes in a press release that it conducts itself in accordance with the applicable laws, with the principles of fair competition and that, above all, it has respect for its customers. ‘The volatility of the local inter-bank market has not been reflected upon the interest rate paid for our retail and corporate loans,' said ING Bank Romania CEO Misu Negritoiu. The bank also indicated that it categorically denies the assertions made by the mass-media regarding speculations on the monetary market and that it was party to no agreement or cartel that fixed interest rates. The Competition Council inspectors have recently conducted a range of unannounced inspections at the head offices of some of the main local banks. Companies from other industries have been also checked: pharmaceutical or grain distributions, operators managing industrial automotive waste, driving schools, taxi services or compulsory private pension administration companies.

 

Sursa: http://www.nineoclock.ro

Tags: competition lsquo investigation council banking inter ing