• The President of the UOKiK initiated proceedings against Deutsche Bank, Getin Noble Bank and Raiffeisen Bank Polska.
• The actions of the Competition Authority pertain to the possible use of abusive clauses in standard agreements, terms and conditions of service as well as in annexes to mortgage loan contracts denominated in foreign currencies.
• The most questionable issue is the application of ambiguous rules for the determination of currency exchange rates.

The Act on competition and consumer protection confers upon the President of the UOKiK the right to initiate proceedings intended to examine whether standard form contracts used by entrepreneurs contain any abusive clauses. Until April 16, 2016, the task of examining the alleged abusive clauses fell upon the Court of Competition and Consumer Protection.

Actions of the UOKiK

– The Office of Competition and Consumer Protection is examining the clauses contained in standard annexes to mortgage loan contracts denominated in foreign currencies. The Competition Authority has decided to take action following various complaints received from consumers. We are currently in the process of examining the rules for the determination of currency exchange rates in 10 different banks – says Marek Niechciał, President of the UOKiK. In February and March, the Competition Authority filed charges against BGŻ BNP Paribas, BZ WBK and Millennium Bank. In May, these were followed by three more banks - Deutsche Bank, Getin Noble Bank and Raiffeisen Bank Polska.

Accusations of the UOKiK

The provisions which were called into question in the course of the recently initiated proceedings pertain to the manner in which Deutsche Bank, Getin Noble Bank and Raiffeisen Bank Polska define their currency exchange rates. These provisions are imprecise and ambiguous, with the exchange rates in question being determined on a discretionary basis, e.g. based on “average interbank exchange rates” (Raiffeisen Bank Polska), “average exchange rates on the foreign exchange market (forex)” (Deutsche Bank) or on the basis of information taken from a “Reuters premium service” (Getin Noble Bank, Raiffeisen Bank Polska). The banks also refer the consumers to exchange rate tables prepared by the banks themselves without specifying when and how many times per day such tables shall be prepared and published. As a result, the borrowers are unable to estimate the exchange rates used for the purposes of calculation of their loan payments on their own.

The proceedings conducted against banks may lead to a decision in which the President of the UOKiK may hold that any further use of the given standard form contract shall be prohibited. The maximum amount of penalty may amount to 10% of the bank’s turnover. The President of the Competition Authority may also specify the measures to be taken in order to remedy the existing effects of the infringement.

Consumers are reminded that in case of any problems which they may encounter with respect to entrepreneurs who engage in the provision of financial services, they can rely on the support of the Financial Ombudsman.

Additional information for the media:

Press Office of the UOKiK
pl. Powstańców Warszawy 1, 00-950 Warszawa

Phone: +48 22 55 60 111
E-mail: biuroprasowe@uokik.gov.pl

Twitter: @UOKiKgovPL