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.

Publication date Information on infringements and sanctions imposed Decision date Status
29/12/20

Fine imposed on  Gestión y Representación Global, S.L.U. (formerly Gesmare Sociedad Gestora, S.L., which acquired Mediación y Diagnósticos, S.A.), director of Avalmadrid, a mutual guarantee company, amounting to  forty-five thousand six hundred euro (€45,600), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
14/12/20

Fine imposed on Participaciones y Cartera de Inversión, S.L., director of Avalmadrid, a mutual guarantee company, amounting to thirty-three thousand two hundred fifty euro (€33,250), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
14/12/20

Fine imposed on Valoración y Control, S.L., director of Avalmadrid, a mutual guarantee company, amounting to forty-two thousand seven hundred fifty euro (€42,750), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
27/11/20

Fine imposed on Mr. José María Rotellar García, director of Avalmadrid, a mutual guarantee company, amounting to eighteen thousand euro (€18,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
27/11/20

Fine imposed on the Consejería de Economía, Empleo y Competitividad de la Comunidad de Madrid, director of Avalmadrid, a mutual guarantee company, amounting to forty-seven thousand five hundred euro (€47,500), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

22/10/19 Final decision
24/11/20

Fine imposed on Mr. Juan Iranzo Martín, director of Avalmadrid, a mutual guarantee company, amounting to four thousand euro (€4,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
24/11/20

Fine imposed on Mr. Jorge Morán Santor, general director of Avalmadrid, a mutual guarantee company, amounting to fifteen thousand euro (€15,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
23/11/20

Fine imposed on Mr. Pedro Irigoyen Barja, director of Avalmadrid, a mutual guarantee company, amounting to ten thousand euro (€10,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
23/11/20

Fine imposed on Banco Santander, S.A.,  in its capacity as universal successor of Banco Popular Español, S.A., director of Avalmadrid, a mutual guarantee company, amounting to thirty-three thousand two hundred fifty euro (€33,250), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
23/11/20

Fine imposed on Mr. Juan Luis Fernández-Rubíes Lillo,  general director of Avalmadrid, a mutual guarantee company, amounting to forty-five thousand euro (€45,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

22/10/19 Final administrative decision. Currently under appeal before the courts
21/08/20

Fine imposed on Bankinter, S.A., amounting to five million two hundred thousand euro (€5,200,000) – after application of a reduction of 20% for voluntary payment 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, comprising the performance between 1 January 2015 and 31 December 2017, of actions or operations in breach of the rules issued under Article 5 of said law.

Specifically, Ministerial Order 2899/2011 and Banco de España Circular 5/2012 were breached in respect of the provision of pre-contractual information, the calculation of the APR included in said information and the omission of the aforementioned rate from the contractual documentation, and the expenses charged to customers for agency services.

26/06/20 Final decision
07/08/20

Fine imposed on Astur de hipotecas, S.L. amounting to one hundred and twenty thousand euro (€120,000) — after the application of the reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government-, pursuant to Article 97(1)(a)(2°) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 92(a) of said Law 10/2014.

This infringement consisted of engaging without authorisation in activities legally reserved for credit institutions.

11/06/20 Final decision
07/08/20

Ancillary measure consisting in a public reprimand of Astur de Hipotecas, S.L. with publication in the Official State Gazette, provided for in Article 97(2)(c) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement defined in Article 92(a) of said Law 10/2014 that consisted of engaging without authorisation in activities legally reserved for credit institutions.

11/06/20 Final decision
07/08/20

Fine imposed on D.ª María Ángeles González González, in her capacity as sole director of Astur de hipotecas, S.L., amounting to nine thousand euro (€9,000) — after the application of the reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government —, pursuant to Article 100 of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 92(a) of said Law 10/2014.

This infringement consisted of engaging without authorisation in activities legally reserved for credit institutions.

11/06/20 Final decision
17/07/20

Fine imposed on BMCE Bank International, S.A. amounting to six hundred thousand euro (€600,000) — 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 97(1)(a)(2) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on BMCE Bank International, S.A. amounting to three hundred thousand euro (€300,000) — 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 said Law 10/2014.

This infringement consisted of shortcomings detected in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), amounting to three hundred thousand euro (€300,000), pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Penalty of disqualification imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), from serving as a director or manager at any credit institution or in the financial sector for a period of 4 years, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), amounting to one hundred and fifty thousand euro (€150,000), pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Penalty of disqualification imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), from serving as a director or manager at any credit institution or in the financial sector for a period of 2 years, pursuant to Article 101(1)(d) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mohammed Agoumi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to forty-eight thousand euro (€48,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mohammed Agoumi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-four thousand euro (€24,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Azzeddine Guessous, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-two thousand euro (€22,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Azzeddine Guessous, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to forty-four thousand euro (€44,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mohammed-Brahim Benjelloun-Touimi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to thirty-eight thousand four hundred euro (€38,400) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mohammed-Brahim Benjelloun-Touimi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to nineteen thousand two hundred euro (€19,200) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Jerónimo Páez López, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to forty-three thousand euro (€43,000) pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Jerónimo Páez López, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-one thousand five hundred euro (€21,500) pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Othman Benjelloun, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-nine thousand six hundred euro (€29,600) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Othman Benjelloun, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to fourteen thousand eight hundred euro (€14,800) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mohamed Bennani, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to eight thousand euro (€8,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mohamed Bennani, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to four thousand euro (€4,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mamoun Belghiti, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to four thousand euro (€4,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

30/09/19 Final decision
17/07/20

Fine imposed on Mr Mamoun Belghiti, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to two thousand euro (€2,000) — after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure — pursuant to Article 101(1)(a) 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 said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

30/09/19 Final decision
05/03/20

Fine imposed on Mr Rubén Fernando Saavedra, in his capacity as chairman of Intercredit, Inc., amounting to nine thousand euro (€9,000) — 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 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 4(4)  of Law 16/2009 of 13 November 2009 on payment services (in force at the time of the infringement), relating to Article 92(aa) of said Law 10/2014.

This infringement consists of the repeated provision on a professional basis of payment services without having the status of a payment services provider.

30/05/19 Final decision
05/03/20

Fine imposed on Intercredit, Inc., amounting to seventy-two thousand euro (€72,000) — 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 97(1)(a)(1) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 4(4)  of Law 16/2009 of 13 November 2009 on payment services (in force at the time of the infringement), relating to Article 92(aa) of said Law 10/2014.

This infringement consists of the repeated provision on a professional basis of payment services without having the status of a payment services provider.

30/05/19 Final decision
11/02/20

Fine imposed on Banca March, S.A., amounting to five hundred and twenty five thousand euro (€525,000) — 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) 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 saidLaw 10/2014, consisting in the performance of actions or operations in breach of the rules issued under Article 5 of that Law.

Breaches of the applicable regulations (Order 2899/2011 and Banco de España Circular 5/2012) were detected, consisting of a failure to deliver the necessary pre-contractual information to customers in all cases, specifically, the information on the arrangement costs assumed. Also, shortcomings were established in the calculation of the APR contained in the pre-contractual information (personalised information sheet) and in the contractual documentation, owing to a failure to include all the relevant expenses and costs in such calculation. The information given to customers on the cost of related products was also deemed insufficient.

20/12/19 Final decision
13/01/20

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.

26/11/19 Final decision
13/01/20

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.

26/11/19 Final decision