The Autorité de la Concurrence imposed the biggest fine of €103.9m on Crédit Agricole, France’s largest bank by retail branches, and its LCL subsidiary and also fined BPCE, the mutual bank and second-largest retail lender, €90.9m.
BNP Paribas, the country’s largest bank in terms of sales, was given a €63.3m penalty, while Société Générale and its Crédit du Nord affiliate were fined €60.5m.
The Banque de France, the central bank, incurred the smallest fine of €350,000 in relation to its retail activities as the state’s banker.
The regulator said the banks acted in concert to set interbank cheque fees on 80 per cent of cheques circulating in France over a five-year period from 2002, as they computerised the clearance process.
The decision was particularly significant, it said, because electronic cheque clearance had lowered banks’ costs. Instead of passing on the reduction, the banks instead set up an interbank commission, charging a flat fee of 4.3 cents per cheque.
“While the electronic system allowed banks to make significant savings, consumers and companies were barred from participating in these savings,” according to the decision made public on Monday. It estimated that customers ended up paying an additional €220m.
The infraction was all the more significant, it said, because cheques are the most popular means of payment in France, accounting for 78 per cent of cheques exchanged in the eurozone.
© Financial Times
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