The Austrian Cartel Court finds that the cooperation in the savings bank sector violates Art. 81.1 EC but fulfils for the most part the criteria of Art. 81.3 EC (Erste Bank)

In a decision of 13 June 2006, the Austrian Cartel Court found that the cooperation agreements concluded between the majority of players in the Austrian savings banks sector violated Article 81(1) EC, but was for the most part exempt under Article 81(3) EC. In Austria, banking operations have traditionally been carried out by a large number of players constituted on the basis of several alternative legal regimes. One of these regimes is provided by the Austrian Savings Banks Act, which allows for the creation of savings banks by local communes and by savings clubs meeting certain requirements. Savings banks traditionally provide a broad range of banking services on a local scale. In 2002, Erste Bank (Austria's largest savings bank) and 53 local savings banks concluded agreements

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Axel Reidlinger, Heinrich Kühnert, The Austrian Cartel Court finds that the cooperation in the savings bank sector violates Art. 81.1 EC but fulfils for the most part the criteria of Art. 81.3 EC (Erste Bank), 13 June 2006, e-Competitions Bulletin Financial services, Art. N° 12123

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