The National Court confirms the fine of 4.5 million to Santander for infractions of Popular

MADRID, 1 Sep. (EUROPA PRESS) -

The Fifth Section of the Contentious-Administrative Chamber of the National Court has dismissed the appeal filed by Banco Santander against the penalty of 4.5 million euros imposed by the Bank of Spain for the commission of two very serious infractions committed by Banco Popular, in its capacity as universal successor, thus confirming the sanction.

The Bank of Spain set a fine of 1.5 million for failing to comply with the regulations regarding the delivery and the mandatory content that must contain the pre-contractual and contractual information provided to customers, the calculation of the APR and the collection of commissions for services not borrowed.

Likewise, it imposed a fine of 3 million euros on the same entity after detecting non-compliance with the law regarding compensation and commissions in cases of early repayment and the application of interest rate rounding clauses.

The Bank of Spain ordered the initiation of disciplinary proceedings after carrying out inspection actions in 2017 regarding certain operations carried out by Banco Popular (mortgage loans granted, canceled and in force in 2014).

During the processing of the file, on September 28, 2018, the merger process by absorption of Banco Popular with Banco Santander was completed, for which reason, in the resolution of October 26, 2018, the supervisor imposed on Santander the fines of 4.5 millions.

Santander filed an appeal against the resolution of the Bank of Spain, understanding that these sanctions should not be imposed for something inherited, which was dismissed by the Undersecretary of Economy and Business, issued by delegation of the Minister of Economy and Business, after which presented a contentious-administrative appeal, which has now been dismissed by the National High Court, as reported by 'elDiario.es'.