Skip to main content

Cartel of three banks in the cashless foreign exchange operations market

Updated on:
The AMO SR, Division of Cartels (hereinafter „the Office“) issued on October 25, 2013 the decision in the matter of cartel agreement among the three banks in the Slovak cashless foreign exchange operations market. The banks coordinated their action during cancelling the contracts on current accounts of AKCENTA CZ company and at the same time they agreed on non-conclusion of new contract. Only one of the banks was the participant to the proceedings as, the Supreme Court of the Slovak Republic had already issued the valid verdict regarding two other participants of the proceedings. The Office imposed on bank the fine € 3.183.427. The Court of Justice of the European Union expressed its binding opinion to some disputable issues as well. Aforesaid conduct of banks is agreement restricting competition which is according to Article 101 of the Treaty on the Functioning of the European Union and according to the Article 4 of the Act № 136/2001 on Protection of Competition Coll. prohibited.

The decision is not valid yet.

As it is a first-instance decision and the party to the proceedings may submit an appeal, the Office does not provide any details on the subjected decision for the time being.