BPI chair defends data sharing in banking cartel probe
Fernando Ulrich, non‑executive president of BPI, told parliament that information exchange among banks accused in the so‑called “banking cartel” was “highly beneficial for consumers,” pointing to historically low mortgage spreads between 2002 and 2013. The comments came during a hearing requested by Chega as a judicial process looks at alleged collusion in mortgage lending. Borrowers and those currently negotiating mortgages should monitor the case: legal outcomes could affect bank practices, compensation claims and reputations. Customers with outstanding mortgages or new loan plans should keep records and follow any consumer guidance from regulators.
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.
