Press Release: Commission suspects alleged Austrian ‘Lombard Club’ cartel also fixed euro-zone exchange charges

The European Commission has sent a supplementary statement of objections to Austrian banks suspected to have participated in a cartel known as the Lombard Club. The new statement is based on evidence that the banks would have also entered into unlawful discussions concerning euro-zone exchange charges. This is the latest step in a Commission investigation to ascertain whether banks in the euro-zone colluded on the fees charged to the consumer for exchanging currencies.