Final Report of the Hearing Officer (1)

Euro Interest Rate Derivatives (EIRD)

(AT.39914)

(2017/C 206/06)

On 5 March 2013, the European Commission initiated proceedings pursuant to Article 11(6) of Regulation (EC) No 1/2003 (2) against Barclays (3), Deutsche Bank (4), Société Générale, RBS (5), Crédit Agricole, HSBC and JP Morgan (6).

Following settlement discussions and settlement submissions in accordance with Article 10a(2) of Regulation (EC) No 773/2004 (7), the European Commission adopted a Statement of Objections (‘SO’) on 29 October 2013 addressed to Barclays, Deutsche Bank, Société Générale and RBS (the ‘settling parties’). The SO stated that during their respective period of involvement between 2005 and 2008, the settling parties had engaged in agreements and/or concerted practices with the object of distorting the normal course of pricing components in the sector for Euro Interest Rate Derivatives linked to the Euro Interbank Offered Rate and/or the Euro Over-Night Index Average (‘EIRD’). Such agreements and concerted practices amounted to a single and continuous infringement of Article 101(1) TFEU and Article 53(1) of the EEA Agreement.

In their replies to the SO, all the settling parties confirmed that the SO reflected the content of their settlement submissions.

Pursuant to Article 16 of Decision 2011/695/EU, I have examined whether the draft decision, addressed to the settling parties, deals only with objections in respect of which the settling parties have been afforded the opportunity of making known their views, and I have come to a positive conclusion.

In view of the above, and taking into account that the settling parties have not addressed any requests or complaints to me (8), I consider that the effective exercise of their procedural rights in this case has been respected.

(1)  Pursuant to Articles 16 and 17 of Decision 2011/695/EU of the President of the European Commission of 13 October 2011 on the function and terms of reference of the hearing officer in certain competition proceedings (OJ L 275, 20.10.2011, p. 29).

(2)  Council Regulation (EC) No 1/2003 of 16 December 2002 on the implementation of the rules on competition laid down in Articles 81 and 82 of the Treaty (OJ L 1, 4.1.2003, p. 1).

(3)  Barclays plc, Barclays Bank plc, Barclays Directors Limited, Barclays Group Holdings Limited, Barclays Capital Services Limited. On 29 October 2013, the Commission extended the proceedings also to Barclays Services Jersey Limited.

(4)  Deutsche Bank AG, DB Group Services (UK) Limited and Deutsche Bank Services (Jersey) Limited.

(5)  The Royal Bank of Scotland Group plc and The Royal Bank of Scotland plc.

(6)  The proceedings against Crédit Agricole, HSBC and JP Morgan are pending.

(7)  Commission Regulation (EC) No 773/2004 of 7 April 2004 relating to the conduct of proceedings by the Commission pursuant to Articles 81 and 82 of the EC Treaty (OJ L 123, 27.4.2004, p. 18).

(8)  Under Article 15(2) of Decision 2011/695/EU, parties to the proceedings in cartel cases which engage in settlement discussions pursuant to Article 10a of Regulation (EC) No 773/2004, may call upon the hearing officer at any stage during the settlement procedure in order to ensure the effective exercise of their procedural rights. See also paragraph 18 of Commission Notice 2008/C 167/01 on the conduct of settlement procedures in view of the adoption of Decisions pursuant to Article 7 and Article 23 of Council Regulation (EC) No 1/2003 in cartel cases (OJ C 167, 2.7.2008, p. 1).