OREANDA-NEWS. August 05, 2009. The Sverdlovsk Office of the Antimonopoly Service (OFAS Russia) found that "Delta Credit" Commercial Bank" CJSC violated Part 3 Article 11 of the Federal Law "On Protection of Competition", reported the press-centre of FAS Russia.

The bank violated the law by coordinating economic activity of credit organizations: "Delta Credit" Commercial Bank" CJSC developed the Mortgage Loan Standards and advanced them.

The bank advanced the Mortgage Loan Standards by signing agreements with other banks about using the Standards; mortgage deeds could be redeemed from credit under the condition of following the Standards.

Such actions of the bank imposed loan agreement conditions that were not relevant to the subject matter of the agreement and were unfavourable to the borrowers (mortgagors)/ insurers. Those conditions also restricted competition on the refinancing market (services of financial agents).

The conditions were unfavourable because the borrowers (mortgagors)/ insurers were obligated to insure life and loss of ability to work, as well as risk of losing the ownership right.

The Sverdlovsk OFAS Russia issued a determination to "Delta Credit" Commercial Bank" CJSC requesting to stop violating the antimonopoly legislation by introducing by 15th September 2009 such changes to the Mortgage Loan Standards that would exclude imposing loan agreement conditions irrelevant to the subject matter of the agreement and unfavourable to the borrowers (mortgagors)/ insurers.