Competition Commission fines Greek banks 41.7 million euros for concerted practices

The Competition Commission late Thursday imposed fines totaling 41.7 million euros on five Greek banks, including four systemic ones, and the Hellenic Bank Association. The penalties were related to concerted practices in interbank systems, payment, and electronic transaction services.

As part of the ruling, the banks were mandated to reduce the Direct Access Fee (DAF) by January 1, 2024. This fee pertains to transactions where customers use their cards to withdraw money from ATMs belonging to other banks. The Commission further directed the banks to maintain the lower fee for a three-year period. Additionally, a separate statement from the Commission clarified that the fee adjustment also applied to tourists using foreign bank cards at ATMs in Greece, with the fee being lowered to 2 euros as of January 1.

The nearly 42 million euros in fines resulted from a...