OREANDA-NEWS. July 10, 2008. "Rosselkhozbank" OJSC voluntarily reported to the Federal Antimonopoly Service (FAS Russia) on the agreements between the bank and insurance companies that restrict competition on the market of financial services and are forbidden by the antimonopoly legislation, reported the press-centre of FAS Russia.

The agreements were made to facilitate credit programmes for legal and physical persons and included, in particular, arrangements between the bank and insurance companies on mandatory deposits from the insurance companies to the bank, which contravened Article 11 of the Federal Law "On Protection of Competition".

"Rosselkhozbank" OJSC withdrew from the agreements and submitted the information it had about the agreements. Therefore, the bank took advantage of the administrative leniency programme under Article 14.32 of the Code of Administrative Violations of the Russian Federation (CoAV RF7).

The bank entered into agreements with 19 insurance companies - "Soglasie" Insurance Company" Ltd., "Rosgosstrakh" OJSC, "Regional Society for Modern Agricultural Insurance" CJSC, "AlphaStrakhovaniе" OJSC, "Military-Insurance Company" OJSC, "Spasskie Vorota" Insurance Group" CJSC, "Ingosstrakh" Open Joint-Stock Insurance Company, "Sheksna" Insurance Company" OJSC, "Yugoria" State Insurance Company" OJSC, "Energogarant" Joint-Stock Insurance Company" OJSC, "Progress-Garant" Insurance Company" OJSC, "GUTA-Strakhovanie" CJSC, "Uralsib" Insurance Group" CJSC, "Moscow Insurance Company" OJSC, "Zurich.Retail" Insurance Company Ltd., "Standart-Reserve" Closed Joint-Stock Insurance Company, "Maks" CJSC, "Rosno" OJSC, and "Rossia" Open Joint-Stock Insurance Company.

Under the Notes to Article 14.32 of the Code of Administrative Violations of the Russian Federation, a person who voluntarily reported to an antimonopoly body on entering into a competition - restricting agreement, which is forbidden by the antimonopoly legislation, and has refused to participate or further participate in such an agreement and has presented available information (data) to establish the fact of such an agreement, is relieved from administrative liability.

FAS Russia will make a decision on relieving "Rosselkhozbank" OJSC from administrative liability based on the outcome of the antimonopoly case, initiated on 8th July 2008.

The case is scheduled for 13th August 2008.