Sanction for ABANCA €3,000,000

At its meeting on 21 December 2018, the Governing Council of the Banco de España agreed to impose on Abanca Corporación Bancaria, S.A., a fine of three million euro, after application of the reductions of 40% established in Article 85 of Law 39/2015 of 1 October 2015, on the general government common administrative procedure. The fine is for the commission of a serious infringement, consisting in the performance, from 1 January 2015 to 30 September 2016, of actions or operations in breach of Ministerial Order 2899/2011 and Banco de España Circular 5/2012. (Article 93(f) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions).

In the proceedings, proof was evidenced of several breaches relating to:

  • pre-contractual information provided to the customer in respect of costs and charges of mortgage loan transactions

  • and the inclusion of these costs and charges in the calculation of the annual percentage rate (APR).

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