Competition Commission files six Ibex banks with mortgages for possible anti-competitive practices
Banco Santander, CaixaBank, BBVA, Sabadell, Bankinter and Unicaja have stated that the increase in mortgage prices is due to the market situation.
Sabadell headquarters in Barcelona. Photo: EFE
The Spanish National Commission on Markets and Competition (CNMC) has initiated punitive proceedings against Banco Santander, CaixaBank, BBVA, Sabadell, Bankinter and Unicaja for possible violationsof Article 1 of the Competition Act and Article 101 of the Treaty on the Functioning of the European Union.
In a statement, the CNMC explained that the investigation is aimed at analysing public statements by some of the directors of these banks on future trade policy, especially fixed-interest mortgages.
In the opinion of the competition organisation, such declarations should enable the other organisations in thesector to predict the future behaviour of competitors.
The CNMC has now opened a maximum of 24 months for the investigation and resolution of the case, although it has specified that the opening of the case does not prejudge the final outcome of the investigation.
The Banks' Response
Sources close to financial institutions have claimed that the news has caught the sector "by surprise." They claim that statements by bank managers investigated by the CNMC are part of their responses to media encounters.
They also point out thatSpanish mortgages have some of the lowest costs in Europe, explaining that the price hikes of recent months are due to the market situation, resulting from the rise in the Euribor and interest rates, behind which lies the shift in the monetary policy of the European Central Bank (ECB), driven by inflationary pressure from the US-Iran conflict in the Middle East.
Despite the opening of the penalty case, the same sources have indicated that the institutions are "calm" in the face of the investigation.
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