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Quick Summary
Spain’s competition authority, the CNMC, has launched a formal investigation into all six major listed Spanish banks—Santander, BBVA, CaixaBank, Sabadell, Bankinter and Unicaja—for possible anti‑competitive conduct related to public statements on fixed‑rate mortgage pricing that may have enabled riv
Spain Launches Probe into Major Banks Over Mortgage Market Conduct
Spanish Antitrust Regulator Investigates Mortgage Market Practices
Disciplinary Proceedings Against Major Lenders
MADRID, June 16 (Reuters) – Spain’s antitrust regulator said on Tuesday it was launching disciplinary proceedings against all six listed lenders in the country, including Santander and BBVA, for possible anti-competitive practices in the mortgage market.
Focus on Executive Statements and Interest Rate Policies
The CNMC said it was probing whether certain executives had made public statements about their banks’ future commercial policies, particularly regarding interest rates on fixed-rate mortgages.
“Such statements would have allowed entities in the sector to anticipate the future behaviour of their competitors,” the regulator said in a statement.
Competitive Landscape in the Spanish Mortgage Sector
Fierce Competition and Market Rates
The probe comes at a time of fierce competition among Spanish lenders in the mortgage sector. Some banking executives have warned of “irrational” practices to win over customers, with some rates falling below market prices.
Comparison with Euro Zone Mortgage Rates
Spanish mortgages are among the lowest in the euro zone, with an average rate of 2.81% as of April, compared with the euro zone average of 3.44%, data from the European Central Bank shows.
Banks Involved and Their Response
Caixabank, Unicaja, Bankinter and Sabadell are also part of the probe. All of the banks declined to comment.
Industry Reaction and Regulatory Process
Statements from the Spanish Banking Association
Alejandra Kindelan, head of the Spanish banking association, said on Tuesday that the banks complied with the law.
“We have the most competitive mortgage market in Europe,” she added.
Investigation Timeline and Outcome
The opening of the investigation does not prejudge an outcome, the CNMC said, adding it had a 24-month deadline to reach a final decision.
(Reporting by Jesús Aguado; editing by Milla Nissi-Prussak)