Brussels, 11/04/2001 (Agence Europe) - The European Commission has decided to end cartel proceedings against Dutch bank SNS, belonging to banking/insurance group SNS Reaal, regarding conversion charges for Euro-zone currency. In August 2000, the Commission started proceedings against eight banks and insurance groups (including SNS) after it gathered evidence that the banks concerned had colluded to maintain conversion charges at certain levels to minimise losses caused by the introduction of the Euro. With a view to settling the anti-trust proceedings with the Commission, SNS decided that as from 1 May 2001, it would no longer be charging a minimum fee of 7.5 guilders per transaction which it had agreed with other Dutch banks. Instead, it will apply a 2.5% fee on all transactions and in anticipation of the arrival of the Euro on 1 January 2002, SNS will offer the service free for its account holders for the last three months of 2001 for the exchange of amounts up to 3,000 guilders. This means that SNS will be setting its prices independently of a group of Dutch banks which stand accused of fixing cash conversion tariffs, and will provide a cheaper service to customers until the end of the year.
The Commission stressed its determination to pursue each and every anti-competitive practice in the financial sector, including after the introduction of the Euro, with particular attention to cross-border money transfer.