Europe's banks have been told that they will have to ditch interchange fees on direct debit transactions by 2012 under EU antitrust rules. The clarification on the ruling was conveyed in a joint statement by the European Commission and European Central Bank, with the aim of encouraging the European Payments Council (EPC) to launch the Sepa direct debit (SDD) scheme on 1 November 2009. In particular, the Commission makes clear that a general per transaction multilateral interchange fee (MIF) for direct debit transactions "does not seem justified for efficiency reasons and, therefore, does not appear compatible with EU antitrust rules". The Commission and the ECB also note that the forthcoming approval of the revised Regulation on cross-border payments will provide a three-year transitional regime for the SDD business model. EU... [read full story]
|
RELATED
|
|
By Huw Jones LONDON, March 24 (Reuters) - Banks in the European Union can only use a certain type of fee on direct debit transactions until November 2012 even though it breaks EU anti-trust rules, the bloc's executive said on...
By Huw Jones LONDON, March 24 (Reuters) - Banks in the European Union can use a certain type of fee on direct debit transactions until November 2012 even though it breaks EU anti-trust rules, the bloc's executive said on...
FRANKFURT, March 24 (Reuters) - ECB/EUROPEAN COMMISSION: * ECB-Commission makes clear that a general per transaction multilateral interchange fee (MIF) for direct debit transactions does not seem justified for efficiency...
Commission and ECB provide further clarification to ensure timely launch of SEPA direct debit scheme The European Commission and the European Central Bank (ECB) are today issuing a joint statement providing further...
Central Banks in Europe, Finance, Banking & Insurance, International Relations, Corporate Legal Issues, Eurozone ESCB, Banking, Economy, Intergovernmental Organisations, European System of Central Banks, Central Banks, Competition Regulation, Central Banking & Monetary Policy, European Union, European Central Bank
