Summary:
The AdC maintains that the prescription does not invalidate their findings against banks for violating Competition Law.
The Lisbon Court of Appeal ruled the 225 million euro fine against banks as prescribed.
The TCRS confirmed the penalties, while the TJUE clarified the nature of the infringement as a serious violation.
Competition Authority's Stand on Banking Cartel
The Competition Authority (AdC) has asserted that the prescription of the banking cartel case does not undermine its findings against the banks for violating Competition Law, which has been upheld by two judicial instances: the Court of Competition, Regulation and Supervision (TCRS) and the Court of Justice of the European Union (TJUE).
The AdC stated to Jornal Económico that it has not yet received the full ruling from the Lisbon Court of Appeal (TRL), which declared the case's 225 million euro fine against the banks to be prescribed. However, the authority is determined to explore all possible avenues to have this procedural issue reviewed.
Court's Decision on Prescription
The Lisbon Court of Appeal ruled that the prescription was applicable during the two years, three months, and 15 days the case was under review by the TJUE. Contrary to the AdC and TCRS's stance, the court concluded that the prescription period was not suspended. The AdC emphasized that this does not negate their findings against the banks.
Confirmed Violations
The TCRS confirmed the facts and penalties imposed, while the TJUE clarified the nature of the violation, categorizing it as a serious infringement that does not require proof of effects on consumers. The following fines were imposed:
- Caixa Geral de Depósitos (CGD): 82 million euros
- BCP: 60 million euros
- Santander Totta: 35.65 million euros
- BPI: 30 million euros
- Montepio: 13 million euros (reduced for clemency)
- BBVA: 2.5 million euros
- Banco Espírito Santo: 700,000 euros
- Banco BIC: 500,000 euros
- Deutsche Bank: (prescribed in October 2020)
- Caixa Central de Crédito Agrícola Mútuo: 350,000 euros each
- UCI: 150,000 euros
- Banif: 1,000 euros (did not appeal)
- Abanca: (case prescribed)
- Barclays: (fine of 8 million euros suspended after clemency request)
The AdC remains committed to pursuing justice in this significant case, despite the recent court ruling.
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