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INTERBANK CHARGES ON CHEQUES AND MAV PAYMENTS


PRESS RELEASE



PRESS RELEASE

BANKS: ANTITRUST AUTHORITY REPORTS INTERBANK COSTS FOR CHEQUES TO FALL, COLLECTION PERIOD REDUCED TO A MAXIMUM OF FIVE DAYS, RESULTING IN BENEFITS FOR CUSTOMERS. COMMITMENTS PRESENTED BY ABI AND PATTICHIARI ACCEPTED AND RENDERED BINDING.

The two most burdensome commissions for end customers eliminated.
Interbank costs for cheques are to be cut and clearing times for availability of customer funds are to be reduced. These are the results of the Antitrust Authority's ruling whereby it has accepted and rendered binding the commitments proposed by ABI and PattiChiari during an investigation launched on 10 September 2008 into possible anti-competitive conduct.

In the Italian Competition Authority's investigation, ABI as an association was accused of collectively setting the maximum value of interbank charges on the handling of cheques and MAVs (“Mediante Avviso” transactions using a payment advice), and PattiChiari as a consortium was accused of setting the maximum number of days for availability of funds and non-reversibility of monies paid by cheque.

ABI's commitments stipulate:

  1. elimination of commissions on truncated personal cheques (Euro 0.06) and truncated bank cheques (Euro 0.02);
  2. reduction in the commission on cheques returned unpaid by clearing house from Euro 3.62 to Euro 3.24;
  3. a new survey to be carried out by June 2009, and thereafter every two years, of the charges remaining in force (unpaid truncated cheques and handling of other requests, cheques returned unpaid by clearing house, advice of MAV payments).
The Antitrust Authority believes the commissions eliminated were the most lucrative ones and so were the ones that most affected the cost of the use of cheques by customers.

The retention of the three commissions (unpaid truncated cheques and handling of other requests, advice of MAV payments and cheques returned unpaid by the clearing house) is instead justified by reasons of economic efficiency.

PattiChiari's commitments stipulate:

  1. Reduction in the maximum time for availability of funds paid by cheque from 7 to 6 working days from the date of negotiation beginning on 1 March 2009, to be further reduced to 5 working days beginning on 1 October 2009. This reduction will apply to banks in the consortium that have signed up for the initiative “Guaranteed time for availability of funds paid by cheque”;
  2. Undertakings aimed at using search engines to provide customers with all possible information regarding the collection times of the various banks belonging to ‘PattiChiari’, for each type of current account.
In the Authority's view, the commitments proposed by PattiChiari are an incentive for greater efficiency which will benefit consumers whose incoming funds will be available in a much shorter time than at present. Furthermore, each bank will be free to stipulate even better conditions, especially as regards cheques drawn on itself.

Rome, 15 April 2009