Raiffeisen Bank Polska has violated the collective interests of consumers, as it does not take into account the negative LIBOR, and then after the withdrawal of this practice is not naliczał negative interest rates on loans in Swiss francs, this complaint the Bank has put the Office of Protection of Competition and Consumers, and imposed a fine of more than 3.5 million UAH.
UOKiK also ordered the Bank to recalculate the rates and to compensate the losses to consumers during all periods, when there was negative interest rates. The decision is not final, it is possible to appeal to Court for Protection of Competition and Consumers.
the Bank does not accept customers tried to unilaterally enter into treaties provisions according to which a negative LIBOR is equal to zero. As explained by UOKiK, in accordance with the rules, this is a significant clause of the contract and on each shift must agree to the end user.
UOKiK odkreślił that Raiffeisen Bank abandoned this practice, but despite this, does not take into account negative interest rates on loans in Swiss francs if there is a negative LIBOR. The Bank credit agreements method of determining the interest rate determined as the sum of the base rate and LIBOR margin loan, but when the RATE falls below zero, and the sum of LIBOR and margin of the loan is less than zero, does not decrease, respectively, of loan payments.
In this regard, the Chairman of the office for Protection of Competition and Consumers, and acknowledged that Raiffeisen Bank Polska had breached the collective interests of consumers. “The Bank identified in the contract the method of determining the interest rate. However, this is not adhered to. When LIBOR is negative and its absolute value is greater than the height of the margin suggests that the value of the interest rate is zero. As a result, the Bank customers pay higher premiums,” explains quoted in the press FZ Brands he didn’t.
Raiffeisen Bank Polska in the course of the proceedings, gave to clients of the difference between the received interest rate, and the fact that you have to download, including negative interest rates. On the basis of the decision, the Bank was obliged to compensate the losses to consumers during all periods, when there was negative interest rates. The Bank will publish the decision on its own initiative on its website.
the Ministry recalled that this is already the eighth – and last – decision of the President of UOKiK regarding nieuwzględniania banks negative interest rates. Released so far the solutions are: ING Bank, mbank, Getin Noble Bank, Credit Agricole Bank, Bank BPH, BNP Paribas Bank Polska SA and Pekao.
Measures against Raiffeisen Bank Poland was initiated at the end of October 2015 and includes contracts concluded by consumers with Polbankiem.
WP money appealed to the press service of Raiffeisen Bank Polska to review the decision of the UOKiK. In response, we received information that the decision of UOKiK is not final. The Bank will be treated.
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