OREANDA-NEWS. May 05, 2009. The Savings Bank of Russia voluntarily reported to the Federal Antimonopoly Service (FAS Russia) about the agreements concluded between the bank and insurance companies that restrict competition on the market of financial services and are prohibited by the antimonopoly legislation, reported the press-centre of FAS Russia.

The agreements were concluded to institute arrangements between the Savings Bank of Russia and the insurers for insuring the property of physical persons, legal entities and individual entrepreneurs used as collateral for their obligations or obligations of the third parties to the bank. The agreements allowed for selecting insurers, which contravened Article 11 of the Federal Law "On Protection of Competition".

The Savings Bank of Russia withdrew from the agreements and presented available information about the agreements. Thus, the bank took advantage of the administrative leniency programme under Article 14.32 of the Code of the Russian Federation on Administrative Violations.

According to the Notes to Article 14.32 of the Code of the Russian Federation on Administrative Violations, a person that voluntarily reported to the antimonopoly authority about entering into a competition-restrictive agreement, prohibited by the antimonopoly legislation, withdrew from agreements or refused to further participate in such an agreement, and presented available information (data) to help ascertain the fact of the agreement, is relieved form administrative liability.

FAS Russia will make a decision on relieving the Savings Bank of Russia from administrative liability upon investigating the antimonopoly case.

The case will be processed according to the established procedures.