Dimitrov Ivanov & Partners - Attorneys at law


June 8, 2010

No evidence found for infringements by the Association of Banks in Bulgaria

The Commission for Protection of Competition (CPC) found no evidence for infringements of Art. 15 of the Protection of Competition Act by the Association of Banks in Bulgaria (ABB).

In the summer of 2009 CPC launched an investigation procedure, as approached by the chairpersons of the Centre of Human Rights and the National Association of Bulgarian Business with regard to the overall and rapid increase of interest rates accrued on loans in the end of 2008.

Based on the written protocols, seized in the office of ABB and the relevant forensic evidence, CPC concluded that certain meetings held under the auspices of ABB could result in restricting autonomy of undertakings as regards decision-taking process in their policy for determining prices. However, no indisputable evidence was found to prove any influence over the autonomous competitive behavior of ABB members. In addition, it is reported that CPC finds no firm evidence that the acts of ABB fall under the definition of restrictive decisions of associations of undertakings.

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