| Author (Person) | Frey, Eric, Guerrera, Francesco |
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| Series Title | Financial Times |
| Series Details | 12.6.02, p28 |
| Publication Date | 12/06/2002 |
| Content Type | News |
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The European Commission imposed fines totalling €124.3 million on 11 June 2002 on eight Austrian banks for their participation in a wide-ranging price cartel. In a highly institutionalised price-fixing scheme, the CEOs of the banks met every month, except August, as the 'Lombard Club', a cartel which covered the entire Austrian territory 'down to the smallest village', as one bank put it with a view to fixing deposit, lending and other rates to the detriment of businesses and consumers in Austria. The biggest fine, €37.7m was imposed on Erste Bank. Bank Austria and RZB must pay €30.4m. Five other banks - BAWAG, PSK, OVAG, NO Hypo and RLB - received smaller fines. |
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