Spanish banks fined €91 million for fixing the price of interest-rate derivatives attached to syndicated loans

In February 2018 the Spanish Markets and Competition Commission (CNMC) fined four major Spanish banks €91 million for allegedly conspiring to offer interest-rate derivatives attached to syndicated loans under conditions other than those agreed with customers.

This decision, which comes at a time when syndicated lending is under the scrutiny of the European Commission, underscores the importance for banks to ensure transparency in their relationship with clients.