The EU Commission fines five German banks for fixing charges for the exchange of euro-zone currencies (Commerzbank / Dresdner Bank / BayerischeHypo und Vereinsbank / Vereins und Westbank, / Deutsche Verkehrsbank)

Commission fines five German banks for fixing the charges for the exchange of euro-zone currencies"* Following-up on two Decisions adopted earlier in the year 2001 (Decisions SAS-Maersk and Graphite electrodes, both adopted on 18 July 2001: see Competition Newsletter 2001, Issue n°3), the Commission adopted during the second semester of 2001 eight new Decisions under Article 81(1) of the Treaty and (in most cases) Article 53(1) of the EEA Agreement, imposing heavy fines on a string of hard core cartels. The products concerned by the illegal market-sharing and price-fixing agreements ranged from vitamins and food additives (citric acid) to financial services (currency exchange charges) and from beverage products (beer) to paper and chemicals (sodium gluconate, zinc phosphate). In all,

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  • DG COMP (Brussels)

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Gerald Berger, The EU Commission fines five German banks for fixing charges for the exchange of euro-zone currencies (Commerzbank / Dresdner Bank / BayerischeHypo und Vereinsbank / Vereins und Westbank, / Deutsche Verkehrsbank), 11 December 2001, e-Competitions December 2001, Art. N° 36971

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