Press Release: Competition: Commission sector inquiry finds major competition barriers in retail banking

The European Commission has published the final report of its competition inquiry into the retail banking sector. The inquiry has found a number of competition concerns in the markets for payment cards, payment systems and retail banking products. Particular indicators are large variations in merchant and interchange fees for payment cards, barriers to entry in the markets for payment systems and credit registers, obstacles to customer mobility and product tying. Some market participants have already offered voluntary reforms following the publication of preliminary findings on payment cards in 2006 (see IP/06/496 and MEMO/06/164). The Commission will use its powers under the competition rules to tackle any serious abuses, working closely with national competition authorities. The outcome of the inquiry should boost retail banking competition in the run-up to the creation of the Single Euro Payment Area (SEPA).

European Commission: DG Communication: MEMO/07/40 http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/07/40&format=HTML&aged=0&language=EN&guiLanguage=en

European Commission: DG Communication: SPEECH/07/50 http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/07/50&format=HTML&aged=0&language=EN&guiLanguage=en

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