Hungarian Banking Association allowed to pay fine in installments

Competition

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The Hungarian Banking Association already paid two installments amounting to HUF 400 million of a HUF 4 billion fine levied by the Hungarian Competition Authority (GVH) on charges of cartel activity, Hungarian daily Magyar Idők reported today. The association earlier appealed against the fine.

On January 26 the association filed a court appeal against the fine, Levente Kovács, chief secretary of the professional body, said. The association is asking the court to revise the competition officeʼs decision and to declare that no infringement of rules and regulations took place. The association also asked the court to suspend the payment of the fine. However, MTI reported that day that GVH agreed to a request by the Banking Association allowing it to pay the fine in installments.

GVH fined the Hungarian Banking Association HUF 4 billion and the International Banker Training Center a further HUF 15 million for charges of cartel activity on January 12. The competition office fined the association for a database it operated with the involvement of the training center, allowing banks to share business secrets for a period of twelve years. According to GVH, the database provided too much information, violating both Hungarian and European Union competition rules.

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