The Competition Commission, taking into account the structure of the domestic banking sector and the observed low level of deposit rates of Greek banks in relation to the European average, decided on July 18, 2024, to open an investigation in the deposit rates sector, exercising its relevant competence under article 40 of Law No. 959/2011.

The European Central Bank (ECB) increased the deposit facility rate successively between July 2022 and September 2023, according to the Commission.

In  In the period that followed, these increases were, to some extent, passed on to the interest rates offered by Greek banks to depositors, but this pass-through appears to have been limited in scale and delayed, both relative to other Member States and to the past practice of the domestic banking system.

Through the sector inquiry, the Commission will investigate the competitive conditions in the bank deposit market in order to identify any distortions and make proposals to enhance competition in the market for the benefit of depositors (households and businesses).

The Commission started the sector inquiry just a few months after it made Decision No. 838/2023. This shows how important it is to them that competition works properly in the financial sector as a driver for the growth of the Greek economy. They will use all the legal tools they have to help with this.
.
As part of the first phase of the sector inquiry, we are launching a public consultation, inviting all interested parties to submit their comments and views on the conditions of competition in bank deposits. Interested parties may respond to the public consultation by submitting their views in writing in the form of a letter to deposits@epant.gr, indicating their name, capacity and contact telephone number," the Commission said.