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Europe Daily Bulletin No. 7966
Contents Publication in full By article 23 / 46
GENERAL NEWS / (eu) eu/competition

Commission closes procedure initiated against WestLB and J. Van Breda banks, which modified their exchange commissions for Euro zone currencies

Brussels, 16/05/2001 (Agence Europe) - After having put an end to the procedure engaged against several European banks suspects of having maintained excessively high levels of commission for exchanges of Euro zone currencies (see EUROPE of 7 and 8 May, p.15), the Commission decided, on Wednesday, to close those initiated against Westdeutsche Landesbank Girozentrale (WestLB) and the Belgian Bank J. van Breda. This decision was taken following the decision by the German bank to reduce its commission in proportion to the buying and selling of notes from 3.5 to 1.5% for all its clients with immediate effect. Furthermore, WestLB will buy, without commission, Euro zone notes of its account holders. Moreover, the sale of Euro zone notes will also take place without commission as of October for its account holders. As for J. Van Breda, it decided to end, as of 1 June, the minimum commission of 100 Belgian francs it billed all it's customers, but without changing the 1.25% commission. As of 1st October, the Belgian bank will also buy Euro zone notes without commission from its account holders.

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