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SUMMARY
On 31st January the European Commission published the final report on its
sector inquiry into retail banking, covering current accounts and related
services and the payment cards industry. The inquiry was initiated in June
2005 because the Commission was concerned about a lack of competition,
particularly cross-border competition, in the EU. The final report identified
competition concerns in payment systems (including card payment systems),
credit registers, cooperation between banks and the setting of prices and
policies; conclusions that will have a significant impact upon the European
banking industry in the future. This Executive Report assesses the key
findings of the sector inquiry and provides a strategic analysis of the
implications for banks, card organisations and other institutions in four main
areas: payments cards, retail banking, clearing and settlement systems and
credit registers.
TABLE OF CONTENTS
EXECUTIVE SUMMARY
1. INTRODUCTION
- 1.1 Background
- 1.2 Format of the Executive Report
- 1.3 Sources of Information
- 1.4 Terminology
2. SECTOR INQUIRY - ASSESSMENT OF MAIN FINDINGS
- 2.1 General Findings
- 2.2 Payment Cards
- 2.3 Retail Banking
- 2.4 Payment Systems
- 2.5 Credit Registers
- 2.6 Remedies Require a Range of Measures
3. PAYMENT CARDS - ANALYSIS AND IMPLICATIONS
- 3.1 Sole Acquirers
- 3.2 Interchange Fees
- 3.3 Price Discrimination
- 3.4 Co-branding
- 3.5 Merchant Contracts
- 3.6 Membership and Governance Rules
4. RETAIL BANKING - ANALYSIS AND IMPLICATIONS
- 4.1 Product Tying
- 4.2 Closing Fees
- 4.3 Price Transparency and Customer Mobility
- 4.4 Excess Borrowing Fees
- 4.5 Savings and Cooperative Banks
5. CLEARING AND SETTLEMENT SYSTEMS - ANALYSIS AND IMPLICATIONS
- 5.1 Membership and Governance Rules
- 5.2 Interchange Fees
6. CREDIT REGISTERS - ANALYSIS AND IMPLICATIONS
- 6.1 Membership and Governance Rules
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