However, as competition in the banking system – and in particular in the household sector – is low, and that it could take some time before our efforts to increase competition bring results, then we have drafted legislation that would grant the Supervisor of Banks the authority to regulate banking fees.
We hope that when competition strengthens, and competitive prices follow, then there will be no need for this supervision. The legislative bill allows the Supervisor of Banks to regulate those fees that reflect an uncompetitive price. The bill also allows for the reduction in the number of banking fees and to create a closer connection between the fees and the services offered.