On 23 August 2011, the Council of the Spanish Competition Commission (“SCC”) imposed a fine of €4.8 million on Correos for not complying with the content of a settlement agreement reached on 15 September 2005. Under this agreement, the postal operator agreed to ensure that the final price of its services would cover all real costs, and to terminate those contracts that could result in the application of predatory prices. The SCC found evidence that Correos had applied discounts in 2008 and 2009 to certain large industrial clients that would have resulted in the application of prices below cost.