The Office for Competition is carrying out a sector inquiry into loan interest rates offered by banks to SMEs, merchant service charges and interchange fees in terms of the Competition Act.

Over the past months, there was an intense debate regarding allegations of excessive charges and high interest rates on loans by the banks.

The sector inquiry focuses principally on the interest rates of loans charged by banks to SMEs, interchange fees and merchant service charges. In the first phase of this inquiry, the Office has been in contact mainly with the core domestic banks, the Central Bank and the Malta Financial Services Authority and requested from them both quantitative and qualitative data.

The Office also held meetings with the GRTU, which represents SMEs in Malta, and the Chamber of Commerce. At this stage the Office is in the process of gathering complete information.

The director general of the Office for Competition is releasing a state of play document on its sector inquiry indicating the remit of the Office for Competition, the objectives and scope of the sector inquiry and possible courses of action in terms of the Competition Act.

Interested third parties should submit their views and feedback by May 16.

The state of play document may be viewed on the following here.

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