The Cypriot Competition Authority imposes a fine on three banking institutions for coordinating their interest rates (Bank of Cyprus / Cyprus Popular Bank / Hellenic Bank)

On 22 June 2004 the Cyprus Commission for the Protection of Competition (CPC) put an end to its ex officio investigation of the commercial banks in Cyprus for the existence of a possible cartel, unanimously finding three banking institutions liable for restrictive enterprise agreements. A total amount of £CY 5.000.000 was imposed on the Bank of Cyprus Ltd, the Cyprus Popular Bank Ltd and the Hellenic Bank Ltd for infringement of section 4(1)(a) and (b) of the Protection of Competition Law of 1989 (Law 207 of 1989), which is the national equivalent of article 81 EC Treaty, prohibiting restrictive enterprise agreements that have as its object or effect the elimination, restriction or distortion of competition. In particular, on 19 February 2002 the CPC, motivated by a great number of oral