Fines of €41.7 million for Greek banks: Concerted practices in interbank systems, payment services and electronic transactions

Greece's Competition Commission has imposed fines totalling €41.7 million on five Greek banks, including four of systemic importance, and the Hellenic Banking Association, Ekathimerini reports.

 The sanctions come as a result of concerted practices in interbank systems, payment services and electronic transactions. Significant fines were imposed on Alpha Bank, Eurobank, National Bank, Piraeus Bank and Attica Bank.

Financial penalties for non-competitive practices

Banks faced substantial fines following settlements that were deemed to be against competitive practices, reports publication Ekathimerini. The total amount of almost €42 million was distributed as follows:

Alpha Bank: €9.1 million

Eurobank: €7.9 million

National Bank: €9.9 million

Piraeus Bank: €12.9 million

Attica Bank: €143,182

The Hellenic Banking Association also proposed a fine of €1.5 million and committed to implement an internal investigation programme, a proposal accepted by the Competition Commission.

New rules on bank charges

Following the Competition Commission's ruling, banks will be obliged to reduce the direct access fee (DAF) from 1 January 2024, which applies to transactions where customers use cards to withdraw money from ATMs that do not belong to the issuing bank. The authorities have requested that this reduction be maintained for three years.

Adjustments for tourists too

The Competition Commission has also informed that this fee adjustment also applies to tourists using foreign bank cards at ATMs in Greece. From 1 January 2024, the fee will be reduced to two euros.

Determination to comply with the law

Development Minister Kostas Skrekas stressed that the fines confirm the state's determination to carry out continuous inspections to check compliance with the law. Inspections will continue to ensure the proper functioning of the market and to protect the interests of citizens.