By its unanimous Decision no. 838/2023, adopted in plenary, in the context of the Settlement Procedure laid down in Article 29A of Law 3959/2011 and according to its Decision no 790/2022, the Hellenic Competition Commission (HCC) accepted the settlement proposals submitted by the undertakings “PIRAEUS BANK S.A.” (Piraeus Bank), “NATIΟNAL BANK ΟF GREECE S.A.” (NBG), “ALPHA BANK S.A.” (Alpha Bank), “EUROBANK S.A.” (Eurobank), “ATTICA BANK S.A.” (Attica Bank), as well as by the HELLENIC BANKING ASSOCIATION (HBA), following a Statement of Objections by the Commissioner-Rapporteur, Mr. Fotis, and imposed reduced fines totaling 41.756.180,10 Euro for the infringements of Article 1 of Greek Law 3959/2011 and Article 101 TFEU, as established according to the reasoning of the Decision.

The parties involved in the procedure which, according to the available evidence, engaged in horizontal collusion in breach of Article 1 of Greek Law 3959/2011 and Article 101 TFEU, expressed in writing their interest to their interest to engage in settlement discussions and submitted a relevant request, in accordance with para. 16 of the HCC’s Settlement Procedure Notice.

As a behavioural remedy under Article 25(1)(c) of Law 3959/2011, the HCC Plenary imposed upon the banks concerned the obligation to reduce the fee applied to off-us ATM cash withdrawal transaction, taking into consideration relevant cost studies drafted by independent experts. 

Furthermore, the HCC Plenary accepted the HCC’s proposal concerning the implementation, within six months from the publication of the Settlement Decision, of an antitrust compliance programme, which includes an update of the existing Competition Policy, the HBA and HBA Committee members’ continuous training and education on antitrust issues, the assessment of their actions every semester through the lens of competition law, the timely request for expert opinion by antitrust specialists, the exchange of views with foreign associations, and the inclusion of a special section in the annual review, which will be made available to the HCC.

According to the reasoning of the Decision, the available evidence shows that the banks concerned engaged in the following practices that violate Article 1 of Law 3959/2011 and Article 101 TFEU either by object or by effect (depending on the practice at issue):

ΑΙ) Single and continuous infringement from the beginning of 2018 to the present day, which consists in the following practices:

1. concerted practice between Piraeus Bank, NBG, Alpha Bank and Eurobank, regarding the adoption of a new pricing model (direct access fee – DAF) for ATM cash withdrawal transactions using (a)cards issued abroad and (b)cards issued by domestic payment service providers (PSPs) not participating in the DIASATM network,
2. exchange of information (concerted practice) between Piraeus Bank, NBG and Eurobank, regarding the intended level of the DAF charge for ATM cash withdrawal transactions using (a)cards issued abroad and (b)cards issued by domestic payment service providers (PSPs) not participating in the DIASATM network,

• agreement and/or concerted practice between Piraeus Bank, NBG, Alpha Bank, Eurobankand Attica Bank regarding the adoption of a new pricing model (direct access fee – DAF) for ATM cash withdrawal transactions using cards issued by domestic PSPs participating in the DIASATM network,

1. exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobankand Attica Bank regarding intended level of the DAF charge for ATM cash withdrawal transactions using cards issued by domestic PSPs participating in the DIASATM network,
2. exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobankand Attica Bank, with the HBA acting as facilitator, having as its object both the imposition of an issuing fee and the level of that fee.

ΑΙΙ) Single and continuous infringement, from the beginning of 2018 to the end of 2019, which consists in the following practices:

1. exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobankand Attica Bank having as its object the possible introduction of new charges on banking products and services associated with card issuing and acquiring, payment accounts, on-site transactions, loans and other transactions,
2. exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobank, Attica Bank and the HBA (the latter acting as facilitator to the concerted practice between the five banks), having as its object the possible introduction of specific charges on banking services and/or the timing of their introduction, and/or the level of specific charges.

Β) Exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank and Eurobank, having as its object the pricing terms applied to VIVA for the execution of credit transfers through the DIAS CREDIT TRANSFER system, as well as other trading terms, from August 2018 until the beginning of 2019.

Moreover, the HBA’s involvement in the infringements found consists in the following practices:

Α) Regarding the HBA’s involvement in the single and continuous infringement described under point ΑΙ) above, which spans from the end of 2018 to mid-2019:

1. decision by an association of undertakings regarding the adoption by its members of a new pricing model (direct access fee – DAF) for ATM cash withdrawal transactions using cards issued by domestic PSPs participating in the DIASATM network,
2. participation as facilitator in the exchange of information (concerted practice) between its members, Piraeus Bank, NBG, Alpha Bank, Eurobankand Attica Bank, having as its object both the imposition of an issuing fee and the level of that fee. 

Β) Regarding the HBA’s involvement in the single and continuous infringement described under point ΑΙΙ) above, which spans from the beginning of 2018 to the end of 2019:

1. decision by an association of undertakings having as its object a)the possible introduction of new charges on banking products and services associated with card issuing and acquiring, payment accounts, on-site transactions, loans and other transactionsand b) the fixing of trading conditions regarding the possible introduction by its members of homogeneous bundles of banking services,
2. participation as facilitator in the exchange of information (concerted practice) between its members, Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank, having as its object the possible introduction by its members of specific charges on banking services and/or the timing of their introduction, and/or the level of specific charges.
3. C)Decision by an association of undertakings regarding the refusal to admit VIVA PAYMENT SERVICES SINGLE MEMBER S.A. as member of the HBA. The duration of that infringement spans from mid-2015 to the end of 2019.
4. D)Decision by an association of undertaking regarding the obstruction of VIVA’s participation to the DIAS CREDIT TRANSFER network as an indirect member. The duration of that infringement spans from the beginning of 2018 to mid-2018. 

Under para. 35 of Decision no. 790/2022, the HCC Plenary accepted the Settlement Proposals submitted by the undertakings involved and the HBA, and issued a Decision:

Α. Finding that the undertakings Piraeus Bank, National Bank of Greece, Alpha Bank, Eurobank and Attica Bank, as well as the HBA, infringed Article 1 of Greek Law 3959/2011 and Article 101 TFEU, by participating in illegal forms of collusion, through the practices described above. 

Β. Ordering the above undertakings and the HBA to cease, if they have not already done so, and refrain in the future from the infringements of Articles 1 of Law 3959/2011 and 101 TFEU found.

C. Imposing fines for participation in the above infringements of Articles 1 of Law 3959/2011 and 101 TFEU found, according to undertakings’ turnover, as follows:

• Piraeus Bank: 12.993.482,86 €
• NBG: 9.978.799,18 €
• Alpha Bank: 9.110.682,91 €
• Eurobank: 7.976.790,63 €
• Attica Bank: 143.181,65 €
• HBA: 1.553.242,87 €

D. Ordering the aforementioned undertakings to reduce, as of 1 January 2024, the DAF charged for off-us ATM cash withdrawal transactions, to the following maximum level:

• Piraeus Bank: no more than 2,00 €, down from the currently applicable 3,00 € charge, 
• NBG: no more than 1,90 €, down from the currently applicable 2,60 € charge,
• Alpha Bank: no more than 1,80 €, down from the currently applicable 2,50 € charge,
• Eurobank: no more than 1,80 €, down from the currently applicable 2,50 € charge,
• Attica Bank: no more than 1,50 €, down from the currently applicable 2,00 € charge.

Ε. Ordering each of the aforementioned undertakings to maintain the reduced levels of the DAF for a period of three (3) years from the introduction of the measure. The HCC reserves the right to reassess and extend the measure for up to two (2) more years after the end of the initial three-year period, and to impose a fine in case of non-compliance with the remedy. 

F. Accepting the HBA’s proposal to implement an antitrust compliance programme within six months after publication of the Settlement Decision, with a view to refrain in the future from the infringements of Articles 1 of Law 3959/2011 and 101 TFEU found.