The Hungarian Competition Office fines banks and international card companies for setting domestic interchange fees (Allianz Bank)

On 24 September 2009 in proceedings n° Vj-18/2008 launched against 23 Hungarian banks, as well as the international card companies MasterCard and Visa, the Hungarian Competition Office (the "HCO") fined seven Hungarian banks for setting the same domestic interchange fee for all banks and both international card companies in 1996, and maintaining such interchange fee structure up until 2008. The HCO also imposed high fines on MasterCard and Visa because according to the HCO decision, the card companies provided the framework and support for the anti-competitive agreement of the banks. The HCO found that by setting a single domestic interchange fee, the banks violated Section 11 of the Hungarian Competition Act and Article 81 EC [1]. In Hungary, interchange fees in relation to card

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  • Lakatos, Köves (Budapest)

Quotation

Eszter Ritter, The Hungarian Competition Office fines banks and international card companies for setting domestic interchange fees (Allianz Bank), 24 September 2009, e-Competitions September 2009, Art. N° 30639

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