RECENT DEVELOPMENTS IN TURKISH COMPETITION LAW CONCERNING BANKING SECTOR

One of competition law s primary concerns is with agreements between competitors. Competition law generally forbids competitors if they have the purpose or effect or likely effect of substantially lessening competition. The general view of price fixing is that two or more parties agree to restrict competition between themselves by setting fixed or minimum prices below which they will not sell. Worldwide competition laws and authorities treat price fixing harshly. Recently an investigation conducted by the Turkish Competition Board in order to determine whether twelve banks operating in Turkey violated competition rules by making agreements and/or engaging in concerted practices in the deposits, loans and credit cards sector has been concluded. The investigation was carried out as a result of the preliminary inquiry initiated by the Competition Board in response to the claims that credit card issuing banks determine interest rates including retail and late interest rates in collusion, in order to establish a system in which all interest rates consisting of those for deposits, loans and credit cards were determined jointly. In this article, we would like to analyse the decision of the Turkish Competition Board in the light of competition law principles and practices.