Source: European Parliament
The Commission follows closely the developments in the banking sector across the EU. With a return on equity of 13.9%, in the third quarter of 2024, Greek banks’ profitability was ninth among 16 examined euro area countries[1].
The Commission is aware of the recent intervention by the Hellenic Government in the Greek bank market that reduced or abolished six types of bank fees[2]. The Commission does not have any indication that bank fees in Greece would not be in line with EU legislation .
Unless otherwise regulated by law, banks operating in the EU are free to set their fees and interest rates as they see fit. EU legislation generally does not regulate fees and charges nor prescribes their level[3].
Exceptions to this include the Payment Account Directive[4] that requires that services for payment account with basic features are offered free of charge or for a reasonable fee only, the Instant Payments Regulation[5] that requires that fees for instant credit transfers are not higher than fees for regular credit transfers and the Consumer Credit Directive that requires Member States to introduce measures to ensure that consumers cannot be charged with excessively high borrowing rates, annual percentage rates of charge or total costs of credit[6].
While the EU legislator has regulated fees in some cases and taken measures to ensure transparency of fees to enable consumers to take informed choices, the Commission does currently not envisage to limit bank fees more generally.
- [1] European Central Bank Supervisory banking statistics.
- [2] https://minfin.gov.gr/apo-simera-meionontai-i-katargountai-oi-6-vasikes-trapezikes-promitheies-gia-ekatommyria-polites/
- [3] For information on national rules see the European Banking Authority report ‘Thematic review on the transparency and level of fees and charges for retail banking products’. https://www.eba.europa.eu/sites/default/files/document_library/Publications/Reports/2022/1045497/Report%20on%20the%20thematic%20review%20on%20fees%20and%20charges.pdf
- [4] Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features Text with EEA relevance, OJ L 257, 28.8.2014, p. 214-246.
- [5] Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro (Text with EEA relevance), OJ L, 2024/886, 19.3.2024.
- [6] Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers and repealing Directive 2008/48/EC, OJ L, 2023/2225, 30.10.2023.