The Romanian Competition Authority fines €3.4 million an undertaking for providing inaccurate information during the course of an investigation on alleged anti-competitive agreement in the banking sector (Raiffeisen Bank / Société Générale)

On April the 21st 2010 the Romanian Competition Council (the ‘Council') issued a press release stating that it had fined Raiffeisen Bank SA (‘Raiffeisen') for supplying inaccurate information during the course of an investigation, making it the second bank fined during the course of that investigation. However, even though the considerable fine - approximately 3.4 million EUR - is a serious matter on its own, the implications behind it may be more far reaching than initially thought. The facts The Council started a sector inquiry on the market for banking services on the 31st of October 2008, amid suspicions that the 10 banks involved in the procedure for the setting of the Romanian Interbank Offered Rate (“ROBOR”) and Romanian Interbank Bid Rate (“ROBID”) had entered into anticompetitive

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  • Musat & Asociatii (Bucharest)

Quotation

Adrian Ster, The Romanian Competition Authority fines €3.4 million an undertaking for providing inaccurate information during the course of an investigation on alleged anti-competitive agreement in the banking sector (Raiffeisen Bank / Société Générale), 21 April 2010, e-Competitions Financial services, Art. N° 31184

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