Banking Supervision

Sanctions imposed by the Banco de España

Under the provisions of Art. 115.7 of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, the Banco de España shall publish on its website the sanctions and reprimands imposed in relation to serious and very serious infringements within 15 working days from the date on which such sanctions and reprimands have become final pursuant to administrative proceedings. Where appropriate, and if it is so resolved, the identity of the person subject to the sanction or reprimand may remain confidential.

In compliance with this obligation, the following table includes a reference to the aforementioned sanctions and reprimands imposed by the Banco de España since the entry into force of Law 10/2014, referring to the appeals for judicial review, if any, lodged against the sanctioning resolution, and the outcome thereof.

Decision date Information on infringements and sanctions imposed Status
26-11-19

Fine imposed on ING BANK, N.V. Sucursal en España, amounting to three million euro (€3,000,000) — after application of a reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure —, pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(f) of said Law 10/2014, consisting in the performance of actions or operations in breach of the rules issued under Article 5 of that Law.

Breaches have been observed of Order 2899/2011 and of Banco de España Circular 5/2012, owing to shortcomings in the APR reported to customers. The APR was not correctly calculated in either the pre-contractual information (personalised information sheet) or the contractual documentation, as certain arrangement costs payable by the customer were not included in the calculation. Also the information provided to customers in the personalised information sheet on the expenses and costs assumed by them was deficient.

Final decision
26-11-19

Fine imposed on ING BANK, N.V. Sucursal en España, amounting to two million four hundred thousand euro (€2,400,000)— after application of a reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure —, pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(p) of the said Law 10/2014, consisting in shortcomings observed in internal control mechanisms.

The Entity was found not to be sufficiently controlling the agents that provide customers with binding offers, in breach of Article 29 of the aforementioned Law 10/2014.

Final decision