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Spain: Regulator fines Santander, Sabadell, BBVA and CaixaBank

By  |  February 15, 2018

The Spanish Competition regulator, the National Commission for Markets and Competition (CNMC), has fined the banks Santander, Sabadell, BBVA and CaixaBank a total of €91 million (US$113.7 million) or offering interest rate derivatives in terms different from the “market conditions” contracted with clients, according to Europa Press.

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    The CNMC, informed the derivatives in question were interest rate hedging instruments syndicated project-finance loans.

    The Banks agreed on sub-market conditions before bidding to clients, each making it seem it was consulting the market conditions.

    Full Content: El Diario

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