National Markets and Competition Commission (CNMC), absence of a violation and therefore archiving disciplinary proceedings against Caixabank, Bankia (now Caixabank), Santander Bank And Sabadell Bank Alleged acts of unfair competition committed in the marketing of loans guaranteed to companies and self-employed by the ICO Covid guarantee line, as reported this Monday.
The supervisor recalls that with the onset of the Covid-19 pandemic, it has approved the creation of a special line of guarantees to guarantee loans from financial institutions to SMEs to help these companies solve the extraordinary liquidity shortage caused by SMEs. health crisis.
As of April 2020, CNMC began receiving complaints from SMEs in the “Covid Mailbox”. Businesses benefited from these loans guaranteed by ICO enforce the contract of additional products –basically, life insurance, as well as other insurance and products– and refinancing pre-existing debt.
Faced with these complaints, CNMC decided to launch a “comprehensive investigation” examining the practices described in terms of Article 3 of the Competition Act.
Both at the investigation stage and in the resolution of the procedure, the supervisor may assist the investigated entities, entities representing consumers and users, small and medium-sized companies or the insurance field, etc. carried out many actions aimed at clarifying the facts about the
However, the CNMC emphasizes the requirements it imposes on the Instituto de Crédito de Oficial and the Bank of Spain, which do not report relevant events or specific actions within their jurisdiction.
“After a long period of research, the CNMC concluded that: Consensus of the elements necessary to consider a violation of Article 3 of the LDC has not been demonstrated“, he concludes. This resolution has a certain vote.