Greece cracks down on bank fees and interest rates

10:48 6/12/2024 - Πηγή: iEfimerida

Economy and Finance Minister Costis Hatzidakis announced that the Greek government is taking action to address public concerns regarding high bank fees and the significant difference between interest rates on deposits and loans.

Mr. Hatzidakis stated that measures will be introduced to tackle these issues, responding to growing frustration with

the banking sector.

While ruling out a windfall tax on banks, which he believes would deter foreign investment, Mr. Hatzidakis criticized banks for excessive fees and urged them to reduce charges for everyday transactions. He stressed the need for fairer interest rates for depositors, who currently receive very low returns compared to the high rates charged on loans.

To promote competition and offer consumers more options, the government plans to allow major utility companies to provide mortgage and business loans under the supervision of the Bank of Greece.

The initiative is expected to encourage banks to offer more competitive rates and services.

Mr. Hatzidakis also committed to reducing the number and cost of commissions charged for banking transactions.

He mentioned an upcoming EU directive that will set a limit on certain transfer fees and promised additional measures to address the issue.

Furthermore, the government plans to tackle the problem of vacant properties held by banks.

They intend to release approximately 21,000 properties back into the housing market, potentially easing housing shortages and creating more affordable options for renters and buyers.

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