Extracts from the EC Midday press briefing by Antoine Colombani, Spokesperson of the EC, on supplementary statement of objections to Visa
Type: Summary of press conference
End production: 31/07/2012 First transmission: 31/07/2012
On 31 July 2012, Antoine Colombani, Spokesperson of Joaquín Almunia, Vice-President of the EC in charge of Competition, announced during a press conference that the European Commission has informed Visa of additional concerns about possible violations of EU antitrust rules concerning multilateral interchange fees (MIFs) set by Visa.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Antoine Colombani, Spokesperson of Joaquín Almunia, Vice-President of the EC in charge of Competition
||Soundbite by Antoine Colombani (in ENGLISH): The Commission has informed visa of its additional concerns in the investigations into multilateral interchanged fees set by visa by sending today a supplementary statement of objections. I remind you that these interbank fees are paid by mergers banks to cut holders banks for transactions with payment cards with an ultimate impact on consumers. In the recent judgement in the Mastercard case, the General Court confirmed the Commission analyzes that multilateral interchanged fees restrict competition and inflate the cost of card acceptance by mergers without leading to benefit for consumers. In December 2010, the Commission made legally biding visa's commitments concerning debit cards, visa indeed decided to limit its cross borders fees to 0.20%. With the objection of today, we are continuing our investigation into the credit cards fees set by visa. We believe that these fees are a restriction of competition and visa has not convincingly proven that that they are benefit to consumers that would have set this restriction. Therefore our first conclusions is that visa's interchanged fees restrictions will ultimately increase consumers prices influence conclusion is that visa consumer price, the Commission will continue to instigate this case in order to protect the interest of all the EU consumers.
||Cutaways of the audience (2 shots)
||General view of the press conference