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Decision of the Competition Council of the Hungarian Competition Authority (Gazdasági Versenyhivatal - GVH) Vj-96/2006: ING Pénztárszolgáltató és Tanácsadó Zrt.

Decision of the Competition Council of the Hungarian Competition Authority (Gazdasági Versenyhivatal - GVH) Vj-96/2006: ING Pénztárszolgáltató és Tanácsadó Zrt.

The Competition Council of the Hungarian Competition Authority (Gazdasági Versenyhivatal - GVH) established in its decision, issued on 29 November 2006, that ING Pénztárszolgáltató és Tanácsadó Zrt., an undertaking active in the field of financial services, infringed the provisions on the prohibition of unfair manipulation of consumer choice of the Hungarian Competition Act.

In the competition supervision proceedings the Competition Council of the GVH concluded that ING`s informations on its website were capable of misleading consumers because, in 2005 and 2006, it published figures about its net return rate of 2004 without indicating this fact. Also, ING`s behaviour was misleading consumers because it published figures about its net return rate which were not the most recent ones.

Budapest, 29 November, 2006

Hungarian Competition Authority
Communication Group

Further information:
András Mihálovits
Hungarian Competition Authority
1054 Budapest, V., Alkotmány u.5.
1245 Budapest, 5. Pf. 1036
tel: +36-30 618-6618
e-mail:
http://www.gvh.hu