Anti-Monopoly Office launches investigation into bank charges of largest banks

The Czech Anti-Monopoly Office has launched administrative proceedings against three of the country's biggest banks. Ceska Sporitelna, Komercni Banka, and CSOB are suspected of concluding a cartel agreement on bank charges. The three banks charge much higher fees than in most other EU member states. If the banks are proven guilty, they can face a fine of up to ten million Czech crowns (some 420,000 US dollars) or amounting to ten percent of profits recorded in 2004.