Lombardclub

The Lombard Club decision was, according to the European Commission an interest rate cartel Austrian banks. He was from the 1950s until shortly before the turn of the century.

In the Commission had agreements among Austrian banks - mainly about interest rates and fees - [ ... ] in Austria has a long tradition and were based up in the eighties in part on a legal basis ( 5), the course no later than the EEA membership accounted for. The affected banks - [ involved ] were almost all banks in all major sectors - [ coordinated ] their behavior with respect to all essential parameters of competition.

2002 led to a conviction relevant banks by the Commission.

Course

Core of the cartel formed since the 1950s monthly meeting at Vienna's Hotel Bristol. The term Lombard Club played at the London Lombard Street to the former main street of the bank headquarters. Investigations continued, since the then head of the control bank, Gerhard Praschak, before his suicide in April 1997 sent incriminating documents to various media. June 1998 were made at the instigation of the European Commission searches of suspected institutions. September 1999 was opened the proceedings.

The judgment was delivered on 11 June 2002.

Judgment

The judgment in the matter COMP/36.571/D-1 - Austrian banks ( 'Lombard Club' ), drawn by Mario Monti, was addressed to:

The Commission went into their judgment on the assumption that since the date of its investigation no further committee meetings had taken place. However, they evaluated the violations occurred as a deliberate and very serious. You veiled terms ranging from 1.52 million euros and 37.69 million euros, a total of approximately 125 million euros.