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The Competition Authority has granted the Icelandic banks and saving banks an excemption for multilateral agreement for interbank services (conditions imposed).

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  • Case number: 04/2013
  • Date: 22/5/2013
  • Company:
    • Arion banki hf.
    • Íslandsbanki hf.
    • MP banki hf.
    • Landsbankinn hf.
    • Sparisjóðirnir
  • Sectors:
    • Financial services
  • Policy Area:
    • Excemptions
  • Summary

    With a letter from the Icelandic Financial Services Association on behalf of all parties to a contract on inter-bank services, dated June 1st 2012, an exemption from article 15 of the Competition Act no. 44/2005 was requested to conduct the cooperation which is explained in the decision.

    Two decisions have been issued on related matters no. 4/2008 and 2/2011. The arrangement that was in place required all the banks to provide services to each other's customers in the same way as their own customers and all for the same charge. The new decision describes a new arrangement where service fees are charged according to each bank's price quotation. All the banks will provide basic services to each other's customers –according to the price quotation.

    These changes prevent, in the ICA's opinion, possible collusion between competitors in the market and creates premises for a more active competition for customers, encourages good service and increases security and efficiency.