Monday, February 26, 2024

A effective of 41.7 million euros for the biggest banks in Greece

The Greek Fee for the Safety of Competitors has imposed the biggest effective imposed to this point within the quantity of 41.7 million euros on a number of banks in Greece, the Greek TV channel Sky reported.

Piraeus Financial institution is obliged to pay EUR 12.9 million, Nationwide Financial institution of Greece – EUR 9.9 million, Alpha Financial institution – EUR 9.1 million, Eurobank (EFG Eurobank) – 7.9 million euros, Attica Financial institution – 143 thousand euros, and the Hellenic Union of Banks – 1.5 million euros.

The tv specified that the effective would have been even larger if the banks had not confirmed that they have been in breach and if they’d not agreed to the Fee’s phrases.

Among the many violations of the banks is the imposition of a fee for withdrawing cash from an ATM of a international financial institution within the quantity of as much as 3 euros. The Greek Competitors Fee has discovered that this follow has been occurring since 2018.

The banks say that in two-thirds of the circumstances, these costs affected vacationers, as Greek customers sought to withdraw from their banks’ ATMs.

One other violation was joint preparations between banks in 2018-2019 on whether or not to impose charges for quite a few banking operations for which quantities weren’t charged till then, similar to issuing and accepting accounts and fee playing cards, cashiering, credit score operations and and so forth. There was additionally an thought to introduce equivalent packages of banking companies. In the long run, no charges have been imposed, emphasize the banks, which admit that there have been discussions.

The Hellenic Union of Banks was fined for the group of those talks as an middleman.

The Greek Competitors Fee started investigating the banks in November 2019.

Along with the inspections, the monetary establishment VIVA filed a criticism that its entry into the market was prevented.

In addition to having to pay their fines, the banks have additionally agreed to quite a few situations, similar to lowering their transaction charges from 1 January 2024 and never altering them for 3 years. Piraeus Financial institution will cut back the corresponding price from 3 to 2 euros, the Nationwide Financial institution of Greece – from 2.60 to 1.90 euros, Alfa Financial institution and Eurobank – from 2.50 to 1.80, and Attica Financial institution – from 2 to 1. 50.

Relating to the “preparations” made, sources from the banking sector, whose members have been assembly late final evening, emphasised that the trade of data was a part of the necessity for a dialogue with VISA and Mastercard concerning the change in the best way some transactions are priced, primarily on the European degree. They’ve indicated that in no case was there any coordination within the setting of tariffs.

Illustrative Picture by Pixabay: https://www.pexels.com/picture/low-angle-photograph-of-the-parthenon-during-daytime-164336/

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