Stampa

I661 - "ABI-CO.GE.BAN." INTERBANK AGREEMENTS


PRESS RELEASE



PRESS RELEASE


BANKS: ANTITRUST AUTHORITY ANNOUNCES ABI AND CO.GE.BAN OFFER TO REDUCE INTERBANK FEES ON PAYMENT SERVICES AND BANCOMAT OPERATIONS BY BETWEEN 10% AND 57% FROM 1 JANUARY 2007


A reduction in interbank commissions ranging from 10.67% on "Bancomat" withdrawals from the ATMs of other banks, to 57% on fast RID (Direct Interbank Transfers), beginning on 1 January 2007. These are some of the commitments presented to the Italian Competition Authority by ABI and Co.Ge.Ban following the investigation which was launched on 29 March 2006 into a possible anti-competitive arrangement.

The Authority which, at its meeting on 23 November 2006 arranged for the publication of these commitments, originally decided to set up the investigation in order to ascertain whether there were violations of the antitrust rules through the collective fixing for all associated banks of the maximum level of interbank commissions for cash-withdrawal services using Bancomat cards at the ATMs of other banks and for payments by RID (Rapporti Interbancari Diretti, or Direct Interbank Transfers) and Ri.Ba (Ricevuta Bancaria Elettronica, or Electronic Bank Receipt).

The new maximum commissions proposed by ABI and Co.Ge.Ban are seen as a ceiling for future fees to be set in further changes to be introduced beginning in July 2007.

These reduced charges result from the application of a new method of calculation which looks only at direct costs and now excludes, for instance, the items called "indirect costs” and “mark-up” (profit margin), as well as reflecting cost savings from changed business processes.

As of January 2007, it is also proposed to eliminate the commission on the ‘Ri.Ba with intermediary’ service and to combine ‘utility bill RIDs’ and ‘business RIDs’ into a single fee structure.

Moreover, from July 2007 cost surveys will be carried out on a more representative sample of banks than at present; and secondly, the levels of interbank commissions will be determined on the basis of efficiency criteria, excluding the 25% of banks having the highest costs; for charges relating to Ri.Ba and RID services, the percentage of banks excluded will rise to 50% beginning in July 2008.

Lastly, a new assessment will be made every two years to see if commission charges can be further reduced as a result of cost savings, it being understood that the previous survey in any case represents a price cap.

Interested third parties will have 30 days from today's date to lodge their observations. Should the commitments presented, together with any amendments made by the parties in order to accommodate observations presented by third parties, be deemed adequate, the proceeding will be closed by 24 March 2007, without the levying of fines or the formal ascertaining of a contravention, pursuant to the new rules applicable to antitrust law.

The following tables show the fee structures proposed by ABI and Co.Ge.Ban

2005 Cost Analysis,
"Old Method"
Interbank Operations
Present Fee
2005 Cost Analysis,
"New Method"
% Variation
Bancomat withdrawal from ATMs of other banks
€ 0.89
154,970,244
€ 0.75
€ 0.67
-10.67


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