Summary:
European Court of Justice rules against major Portuguese banks for collusion.
Banks shared sensitive data for over ten years (2002-2013).
Data sharing involved discussions on spread rates and credit volumes.
Final decision now rests with the Competition Court after judicial holidays.
Potential violations of competition laws could lead to serious repercussions.
European Court's Ruling on Banking Practices
The European Court of Justice (ECJ) has issued a ruling that may significantly impact the banking sector in Portugal. It acknowledges that major Portuguese banks engaged in data sharing that potentially distorted competition over a period exceeding ten years, from 2002 to 2013. This data exchange involved discussions via email and phone regarding their spread rates (profit margins) and the amount of credit already granted.
This decision has now been handed over to the Competition Court, which will deliver its final verdict after the judicial holidays. The implications of this ruling could lead to serious consequences for the banks involved, as it suggests a collusion that may have violated competition laws.
According to the ECJ's opinion, the data sharing was harmful enough to breach legal standards, raising concerns about the integrity of the banking system in Portugal. The case reflects broader issues within the banking sector and poses questions about regulatory oversight and consumer trust.
Stay tuned for updates as the Competition Court prepares to read its sentence following the judicial recess.
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