Fernando Ulrich recalled that “there have never been 'spreads' as low” in mortgage credit as during the period between 2002 and 2013.
Fernando Ulrich says that information exchange from the 'banking cartel' benefited clients
Wednesday, 25 February 2026RSS
Context & Explainers
Fernando Ulrich is the non-executive president of Banco BPI, and he commented publicly about mortgage spreads during a period when banks were accused of acting in collusion. As a senior bank figure, his statements carry weight for debates about bank conduct and the cost of consumer lending.
The 'banking cartel' refers to allegations that banks coordinated to fix mortgage rates or fees instead of competing independently (in Portuguese, cartel bancário). If proven, such collusion would breach competition law, can trigger an Autoridade da Concorrência investigation with fines or compensation, and matters because it can raise borrowing costs for homeowners.
AI Summary AvailableBPI chair defends data sharing in banking cartel probeRead the synthesized summary with context and explainers
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