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Spain: Regulator fines Santander, Sabadell, BBVA and CaixaBank

 |  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.

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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