Renta 4 : The National Court overturns the fine imposed by the CNMC (National Markets and Competition Commission) on Santander, BBVA, Caixabank and Sabadell for price-fixing.
In 2018, the CNMC imposed a fine of €91 million on Santander, BBVA, Caixabank and Sabadell for violating market practices by agreeing on swap prices.
At the time, the banks assumed payment of the fine and made the corresponding provisions for litigation.
The distribution of the fine was as follows: Caixabank €31.5 million, Santander €23.9 million, BBVA €19.8 million and Sabadell €15.5 million.
Assessment: The news is positive, however, the ruling can be appealed by the CNMC and could reach the Supreme Court, so it will probably be considerable period of time before the banks can receive the refund of the fine.
The amounts in question are insignificant in terms of weight of net profit generated in 9M23 as they represent: 1.2% in Santander, approximately 1% in BBVA, also1% in Caixabank and 1.5% in Sabadell.
Another direct impact will be the management of provisions for pending lawsuits, but we also believe that these should not be significant.
It is unlikely that there will be a relevant impact on the income statement once the process is finalised.
