• Off-us ATM cash withdrawal transaction services
• Payment services
• Card issuing
• Other banking activities
• Credit transfers through the DIAS CREDIT TRANSFER system

Article 1 Law 3959/2011 and 101 TFEU.

Operative part of the Decision

By its unanimous Decision no. 838/2023, adopted in an open vote, the HCC decided as follows:

A. Finds that the undertakings “PIRAEUS BANK S.A.”, “NATIΟNAL BANK ΟF GREECE S.A.”, “ALPHA BANK S.A.”, “EUROBANK S.A.”, “ATTICA BANK S.A.”, as well as the HELLENIC BANKING ASSOCIATION (HBA), infringed Article 1 of Greek Law 3959/2011 and Article 101 TFEU, by participating in prohibited agreements, according to the grounds of the Decision.

B. Orders the undertakings “PIRAEUS BANK S.A.”, “NATIΟNAL BANK ΟF GREECE S.A.”, “ALPHA BANK S.A.”, “EUROBANK S.A.”, “ATTICA BANK S.A.” and the HBA to cease, if they have not already done so, and refrain in the future from the infringements of Articles 1 of Law 3959/2011 and 101 TFEU found.

C. Imposes fines for participation in the above infringements of Articles 1 of Law 3959/2011 and 101 TFEU found, according to undertakings’ turnover, as follows:

Piraeus Bank: twelve million nine hundred ninety-three thousand four hundred eighty-two euros and eighty-six cents (€ 12,993,482.86)

National Bank: nine million nine hundred seventy-eight thousand seven hundred ninety-nine euros and eighteen cents (€ 9,978,799.18)

Alpha Bank: nine million one hundred ten six hundred eighty-two euros and ninety-one cents (€ 9,110,682.91)

Eurobank: seven million nine hundred seventy-six seven hundred ninety euros and sixty-three cents (€ 7,976,790.63)

Attica Bank: one hundred forty-three thousand one hundred eighty-one euros and sixty-five cents (€ 143,181.65)

HBA: one million five hundred fifty-three two hundred forty-two euros and eighty-seven cents (€ 1,553,242.87)

Δ. Orders the aforementioned undertakings to reduce, as of 1 January 2024, the DAF charged for off-us ATM cash withdrawal transactions, to the following maximum level:

Piraeus Bank: no more than 2.00 €, down from the currently applicable 3.00 € charge,

NBG: no more than 1.90 €, down from the currently applicable 2.60 € charge,

Alpha Bank: no more than 1.80 €, down from the currently applicable 2.50 € charge,

Eurobank: no more than 1.80 €, down from the currently applicable 2.50 € charge,

Attica Bank: no more than 1.50 €, down from the currently applicable 2.00 € charge.

E. Orders each of the aforementioned undertakings to maintain the reduced levels of the DAF for a period of three (3) years from the introduction of the measure. The HCC reserves the right to reassess and extend the measure for up to two (2) more years after the end of the initial three-year period, and to impose a fine in case of non-compliance with the remedy.

F. Accepts the HBA’s proposal to implement an antitrust compliance programme within six months after publication of the Settlement Decision, with a view to refrain in the future from the infringements of Articles 1 of Law 3959/2011 and 101 TFEU found.

1. “PIRAEUS BANK S.A.”
2. “NATIΟNAL BANK ΟF GREECE S.A.”
3. “ALPHA BANK S.A.”
4. “EUROBANK S.A.”
5. “ATTICA BANK S.A.”
6. “HELLENIC BANKING ASSOCIATION”

According to the grounds of the Decision, the available evidence shows that the banks concerned engaged in the following practices in breach of Article 1 of Law 3959/2011 and Article 101 TFEU either by object or by effect:

AI) Single and continuous infringement from the beginning of 2018 to the present day, which consists in the following practices:

Concerted practice between Piraeus Bank, NBG, Alpha Bank and Eurobank, regarding the adoption of a new pricing model (direct access fee – DAF) for ATM cash withdrawal transactions using (a)cards issued abroad and (b)cards issued by domestic payment service providers (PSPs) not participating in the DIASATM network,

Exchange of information (concerted practice) between Piraeus Bank, NBG and Eurobank, regarding the intended level of the DAF charge for ATM cash withdrawal transactions using (a)cards issued abroad and (b)cards issued by domestic payment service providers (PSPs) not participating in the DIASATM network,

Agreement and/or concerted practice between Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank regarding the adoption of a new pricing model (direct access fee – DAF) for ATM cash withdrawal transactions using cards issued by domestic PSPs participating in the DIASATM network,

Exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank regarding intended level of the DAF charge for ATM cash withdrawal transactions using cards issued by domestic PSPs participating in the DIASATM network,

Exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank, with the HBA acting as facilitator, having as its object both the imposition of an issuing fee and the level of that fee.

AII) Single and continuous infringement, from the beginning of 2018 to the end of 2019, which consists in the following practices:

Exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank having as its object the possible introduction of new charges on banking products and services associated with card issuing and acquiring, payment accounts, on-site transactions, loans and other transactions,

Exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank, Eurobank, Attica Bank and the HBA (the latter acting as facilitator to the concerted practice between the five banks), having as its object the possible introduction of specific charges on banking services and/or the timing of their introduction, and/or the level of specific charges.

B) Exchange of information (concerted practice) between Piraeus Bank, NBG, Alpha Bank and Eurobank, having as its object the pricing terms applied to VIVA for the execution of credit transfers through the DIAS CREDIT TRANSFER system, as well as other trading terms, from August 2018 until the beginning of 2019 (on a case-by-case basis).

Moreover, the HBA’s involvement in the infringements found consists in the following practices:

A) Regarding the HBA’s involvement in the single and continuous infringement described under point AI) above, which spans from the end of 2018 to mid-2019:

Decision by an association of undertakings regarding the adoption by its members of a new pricing model (direct access fee – DAF) for ATM cash withdrawal transactions using cards issued by domestic PSPs participating in the DIASATM network,

Participation as facilitator in the exchange of information (concerted practice) between its members, Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank, having as its object both the imposition of an issuing fee and the level of that fee. 

B) Regarding the HBA’s involvement in the single and continuous infringement described under point AII) above, which spans from the beginning of 2018 to the end of 2019:

Decision by an association of undertakings having as its object a)the possible introduction of new charges on banking products and services associated with card issuing and acquiring, payment accounts, on-site transactions, loans and other transactions and b) the fixing of trading conditions regarding the possible introduction by its members of homogeneous bundles of banking services,

Participation as facilitator in the exchange of information (concerted practice) between its members, Piraeus Bank, NBG, Alpha Bank, Eurobank and Attica Bank, having as its object the possible introduction by its members of specific charges on banking services and/or the timing of their introduction, and/or the level of specific charges.

C) Decision by an association of undertakings regarding the refusal to admit VIVA PAYMENT SERVICES SINGLE MEMBER S.A. as member of the HBA.

The duration of that infringement spans from mid-2015 to the end of 2019. 

D) Decision by an association of undertaking regarding the obstruction of VIVA’s participation to the DIAS CREDIT TRANSFER network as an indirect member. The duration of that infringement spans from the beginning of 2018 to mid-2018.