The measures announced yesterday by the Prime Minister, Kyriakos Mitsotakis, for the banks and the limitation of the fees that citizens pay in their transactions were elaborated by the Minister of National Economy and Finance, Kostis Hatzidakis, together with the Deputy Minister, Thanos Petralias and the Secretary General, Theoni Alambasi.

Hatzidakis stated, "We took the initiative because the Prime Minister believes there are many vulnerabilities in the banks that irritate citizens." The procurement regulations will be submitted to parliament this week and, if passed, will come into effect in mid-January.

The 10 measures

1) Payment of bills at zero cost. It concerns standing orders for payments to the state, social security funds, local authorities, energy, water, telecoms and insurance companies via digital networks (web banking/mobile banking) (from 0.6 euros, which currently costs 0.6 euros in most cases).

2) 0.50 euro cap on credit transfers (only for e-banking and web-banking). Reduces charges by 50-80%. For individuals and self-employed persons (not legal entities), between banks. It concerns both simple transfers and direct credit transfers (SEPA).

3) No charge for cash withdrawals from an ATM of a bank other than the one where the account is held in remote and island areas where there is only one bank's ATM. In addition, nationwide, there is a zero charge for account or card balance enquiries at ATMs of other banks (from around EUR 0.2 currently in force).

4) extension of the 50% reduction of fees for POS purchases from EUR 10 to EUR 20

5) No charge for charging up to 100 euros on prepaid cards.

6) Increase to 1000 euros the limit for using IRIS. Discretionary limits of 500 euros between citizens and 500 euros for direct payments to freelancers/individual businesses. The activation of the new limits—after consultation with DIAS—will be implemented within 3-6 months from today.

7) Banks and servicers will pay double ENVAT on vacant residential properties they own. The purpose is to increase property disposal to reduce rents. The measure will come into effect if there is no electronic tenancy agreement in place on 31 December for any time in 2025.

8) Restrictions on funding from credit providers are removed. The government will allow all large companies that have liquidity to make loans (mortgages, consumer loans and all forms of business loans).

9) Interest rates on deposits, credit and charges, commissions and fees will be published in the Bank of Greece. The first posting will take place in January.

10) The systemic banks have decided to deposit 100 million to the Marietta Giannakou program for the reconstruction of even more schools and another 100 million to the Real Estate Acquisition and Re-leasing Agency (which will buy the properties of vulnerable debtors to whom it will then rent them in order to avoid eviction).

The total cost to banks in 2025 is estimated at €350 million. The cost for commissions is estimated at €130 million.