The CNMC opens proceedings against six large banks for the mortgage war

BarcelonaThe National Markets and Competition Commission (CNMC) has decided to open disciplinary proceedings against six large banks for possible anti-competitive practices. These are Bankinter, Banco Santander, BBVA, Unicaja, CaixaBank, and Banc Sabadell. The body chaired by Cani Fernández, whose term ends this Tuesday, is investigating whether these entities engaged in possible anti-competitive practices related to mortgage policy and, more specifically, to the so-called mortgage war, contrary to Article 1 of the Competition Defense Law and Article 101 of the Treaty on the Functioning of the European Union (S/0009/26).

This provision prohibits "all agreements, decisions or collective recommendations, or concerted or consciously parallel practices, which have as their object, produce or may produce the effect of preventing, restricting or distorting competition in all or part of the national market [...]". It also relates to the abuse of a dominant position in the market.

The supervisory body is investigating the statements made by some of the directors of these entities, concerning "public statements about the bank's future commercial policy, particularly regarding fixed-rate mortgage interest rates", it explains in a statement. These statements, the CNMC adds, "would have allowed entities in the sector to anticipate the future behavior of their competitors".

During the results presentation period, the main directors of these banks stated that mortgages were being granted at excessively low interest rates and even claimed that they would reduce the pace of mortgage lending. These messages, as inferred from the supervisor's communication, would have conditioned the evolution of the rest of the market in terms of granting loans for housing acquisition.

The supervisory body understands that these types of public statements, in which the main banks in the Spanish market are involved, "would have allowed entities in the sector to anticipate the future behavior of their competitors". The initiation of this proceeding does not prejudge the final outcome of the investigation. A maximum period of 24 months is now open for its instruction and resolution.