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Portuguese banks risk a €225 million fine and may owe up to €6 billion in damages to families and businesses due to anti-competitive practices, awaiting a final EU court decision.
Portuguese banks involved in the "banking cartel" face a substantial financial threat, with potential compensation claims reaching up to €6 billion. The Competition Authority has already imposed fines exceeding €200 million on over a dozen financial institutions, including major players like Caixa Geral de Depósitos, BCP, Santander, BPI, and the defunct BES. These banks exchanged sensitive information regarding loan spreads and credit volumes, which allegedly hindered competition and harmed consumers.
The case is currently paused at the Tribunal de Santarém, pending clarification from the European Court of Justice (ECJ). Meanwhile, the consumer association Ius Omnibus has filed multiple lawsuits aiming to secure reparations for affected families and businesses, demanding damages for three types of credit:
Mortgage Credit: €2.41 - €2.87 billion
Consumer Credit: €1.01 - €1.14 billion
SME Credit: €1.94 - €1.96 billion
These figures were estimated by economists hired by Ius Omnibus and cover damages up to 2022. Affected parties must prove their loan agreements during the cartel's active period to claim compensation. Four of the five filed lawsuits have been accepted by the court, with the fifth expected to be approved shortly.
Additionally, the Association of Micro, Small, and Medium Enterprises (AMPEMEP) has also launched legal action against the banks, further complicating the situation for these financial institutions.
The ECJ's final decision will be pivotal, determining the actual impact on consumers and setting a precedent for future antitrust cases. The banking sector remains on edge, with both consumer and business groups actively pursuing justice and compensation for the alleged anti-competitive practices.
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Ius Omnibus is a consumer association registered with the Portuguese Directorate General for Consumers and appointed by the Government to the Portuguese Advisory Council on Consumers and is a qualified entity listed by the European Commission under the Representative Actions Directive.
