The President of the Office of Competition and Consumer Protection punished Raiffeisen Bank Poland

Raiffeisen Bank Poland has infringed collective consumer interests by failing to take into account the negative LIBOR rate and – having subsequently discontinued this practice – by failing to apply negative interest rates on loans denominated in Swiss Francs. The President of the Office of Competition and Consumer Protection imposed upon the bank a fine in the amount of more than PLN 3.5 million and required the bank to recalculate the interest on loans and to pay compensation to consumers for all periods during which negative interest rates occurred.