UOKiK slaps massive fine on banks for cartel practices

The interchange payments, of 1 to 2% of transaction value, brought the banks over zl.400 million annually in recent years. UOKiK officials said the rate levels had no economic basis and hurt retailers and consumers alike, amounting to a de facto tax on retail sales. The highest fines were imposed on PKO BP and Pekao SA - zl.6.59 million each, followed by BZ WBK, ING Bank Slaski, Kredyt Bank, Millennium and Bank Handlowy. All the banks, as well as Visa and MasterCard said they will challenge the fine. (Gazeta Wyborcza, p.23) R.M.