Brussels, 27/11/2000 (Agence Europe) - In the context of its inquiry aimed at verifying whether the banks of the euro area came to agreements on exchange rate charges (commissions charged to consumers for exchange operations), the European Commission sent a further Statement of Objections to certain Austrian banks. Those brought into question belong to the cartel known as the "Lombard Club", and are suspected of having had unlawful discussions on such commissions.
We recall that the Commission had opened an inquiry shortly after the euro came into being on 1 January 1999 in order to verify whether the banks in the euro area had colluded on the fees charged to consumers for exchanging currencies. The results of this inquiry had given the Commission sufficient proof to establish that such an agreement did in fact exist between certain national associations and banks in order to keep the commissions charged for the exchange of notes and coins at a high level, or to control their decrease. Consequently, the Commission sent so-called Statements of Objections to the Irish, Portuguese, Finnish and Belgian banks in June 2000 and to the Dutch and German banks in August 2000 (see EUROPE of 22 June, p.12 and of 7&8 August, p.2).
In the present affair, the Commission acts in two phases. Surprise investigations at several Austrian banks in June 1998 had uncovered a large amount of evidence of a nation-wide cartel to the detriment of the Austrian consumer. On the basis of proof collected, the Commission had then sent those concerned a first Statement of Objections in September 1999. Then, having examined in greater detail the proof regarding the "Lombard Club" and having discovered that the Austrian banks took advantage of this system to discuss an agreement extending to exchange commissions in the euro area, the Commission decided to send a further warning to these same banks. The first Statement of Objections did not cover this point specifically. The banks incriminated will now have the opportunity to reply to these additional charges, both in writing and orally at a hearing. Without setting a timetable for completing investigations, the Community Executive nonetheless gave its assurance it intends to proceed speedily in order to clarify the situation for European consumers and bearing in mind the introduction of euro notes and coins in January 2002.