The Hungarian Competition Authority fines seven banks and two card compagnies banks for setting multilateral interchange fees (Visa / Mastercard / Hungarian banks)

On 24 September 2009, the Gazdasági Versenyhivatal (GVH, competition authority of Hungary) adopted an infringement decision establishing that card companies Visa Europe, Mastercard and several Hungarian banks infringed Hungarian competition law and Article 81 EC [1] with their agreement on multilateral interchange fees (MIF) concerning domestic debit and credit card transactions. By setting equal interchange fees in their transactions for both card schemes, Hungarian banks and the card companies were likely to distort competition. The practice of the credit card companies also infringed competition since they acted as facilitators for the banks when concluding agreements that hindered competition. The GVH imposed a total fine of HUF 1.936 billion on seven banks and the two card

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Ádám Remetei-Filep, The Hungarian Competition Authority fines seven banks and two card compagnies banks for setting multilateral interchange fees (Visa / Mastercard / Hungarian banks), 24 September 2009, e-Competitions September 2009, Art. N° 30785

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