Investigation Over Possible Collusion on Interest Rates in El Salvador

The Superintendency of Competition has started an investigation into the recent increase in lending interest rates of some Salvadoran banks.

Wednesday, June 12, 2013

From a press release from the Superintendencia de Competencia (SC) of El Salvador:

The Superintendency of Competition is investigating whether the recent rise in interest rates for loans from certain banks could respond to an alleged agreement between competitors to "compensate" for the elimination of charging an administration fee. The Superintendent will be requesting information from affected consumers.

The Superintendency of Competition is taking steps to gather information to investigate whether increases in lending rates of financial institutions authorized by the Superintendency of the Financial System (SSF), recently reported by the Consumer Ombudsman, may respond to a anticompetitive agreement to "offset" the recent removal of collection of an administration fee, established pursuant to the Article 25 letter a) of the Competition Act and, thereby, get clues that will enable them to initiate administrative disciplinary proceedings .



More on this topic

El Salvador: Mills Investigated for Economic Concentration

July 2015

The Superintendency of Competition is investigating whether the mills El Angel and La Magdalena carried out operations that could be considered economic concentration.

From a statement issued by the Superintendency of Competition (SC):

SC launches an investigation against two mills

Alba Petróleos Fined in El Salvador

November 2013

The company was fined $759,924 for failing to petition the Salvadorian Superintendency of Competition to approve to purchase of nine service stations.

In addition to the financial penalty, the Superintendencia de Competencia (SC) demanded that the company submit within 30 days an application to follow the procedure which should have been done in the beginning.

El Salvador: Alba Petróleos Investigation Starts

July 2013

The superintendency of competition has began the investigation into alleged anti-competitive practices by Alba Petroleos.

"After analyzing the formal request by the National Association of Private Enterprise (ANEP) (February 5), the Superintendence of Competition has launched an official investigation (February 13, 2013), with the intention of determining whether Alba Petroleum had or had not violated the Competition Act through merging its businesses," noted an article in Elsalvador.com.

Battling Anti Competitive Practices

March 2010

Monitoring news media is a key tool for detecting and researching practices that limit free competition.

In an article in Laprensagrafica.com, Ricardo Pineda details how the Competition Superintendence of El Salvador (SC) utilizes media monitoring to tackle anti competitive practices.

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