The Latvian Competition Council decides that the participation of commercial banks in the MIF for cash withdrawals and card payments was illegal under Article 11 Part 1.1 of the Competition Act (Aizkraukles banka and Others)

Prohibited Agreement in Banking Sector* On 3 March 2011 the Competition Council (CC) decided that 22 Latvian commercial banks have infringed Article 11 Part 1.1 of the Competition Law by participating in the Multilateral agreement on the interchange fee for cash withdrawals at ATM, cash withdrawals at branches, balance inquiries at ATM and the multilateral interchange fee (MIF) on card payments at POS, incl. internet-based POS. The CC concluded that the Multilateral agreement has restricted competition in Latvian cards market. The Multilateral agreement was in effect from end 2002 until beginning 2011. The CC has imposed fines to the banks in the total amount of 5.5 million lats (7.8 million euro). The Relevant markets were defined as markets for issuing of payment cards, for

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Latvian Competition Authority, The Latvian Competition Council decides that the participation of commercial banks in the MIF for cash withdrawals and card payments was illegal under Article 11 Part 1.1 of the Competition Act (Aizkraukles banka and Others), 3 March 2011, e-Competitions Bulletin Financial services, Art. N° 38152

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