The Turkish Competition Authority announces its long-awaited decision regarding imposition of fines on major banks for concerted practices in relation to credit card fees and interest rates for deposits (Akbank and Others)

TCA Hits Banks With Record Fines* In Friday evening (8 March 2013), after the closing of stock exchange, the TCA has announced its long-awaited decision regarding major banks of Turkey. The TCA hits 12 major banks with record fines totalling 1,11 billion Turkish liras (around 480 million Euros). This amount exceeds the total fines imposed by the TCA since its establishment. Here are the percentages of the fines imposed on banks today (indicated by the red slice) compared to the total amount of the fines up to date. This decision also broke another record in the history of the TCA which will celebrate its 16th anniversary next Friday. As can be seen in the graphics below, the fines imposed on five banks (indicated by red columns) have taken its place among the highest fines imposed

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  • Turkish Competition Authority (Ankara)

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Harun Gündüz, The Turkish Competition Authority announces its long-awaited decision regarding imposition of fines on major banks for concerted practices in relation to credit card fees and interest rates for deposits (Akbank and Others), 7 March 2013, e-Competitions Bulletin Commitment Decisions, Art. N° 58489

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