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Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena
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Supreme Court of Latvia declares decision to penalize 22 banks for price fixing as justified

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn accordance with the verdict ruled by Latvia’s Supreme Court of Justice, the decision made by the Competition Council in 2011 in regard to the application of a fine on 22 Latvian commercial banks is valid and is not subject to appeal.

Within one month’s time, banks that took part in this litigation are obligated to pay the applied fine, as reported by CC.

In 2011, CC came to the conclusion that multiple banks had been charging each other commission pay for the processing of payment card transactions for a long time. The conspiracy revolved around the commission pay banks charged each other for ATM services. This conspiracy has hurt the country’s competition, traders and consumers. This conspiracy remained in force from December 1st, 2002 to January 7th, 2011. The terms of participation of different banks differed, however.

The total amount the banks have been fined reaches EUR 7,819,338.24. Aizkraukles banka, GE Money Bank, Latvijas Biznesa banka, SMP Bank, Latvian branch of Danske Bank and UniCredit Bank have paid their fines. Other banks have decided to appeal this decision.

In August 2012, CC reached a consensus with Norvik Banka, Citadele Banka and Nordea Finland Plc. prior to the review of this case in the Administrative Regional Court. Litigations with these banks were concluded, CC’s decision came into force and fines were paid in full. After this decision was approved by the Administrative Regional Court in May 2013, Akciju komercbanka Baltikums decided to comply with requirements, and paid the fine. Other involved banks decided to submit cassation complaints to the Supreme Court.

Ref: 102.109.109.5246


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