Theodorikakos: Cap on Bank Charges Coming, Consultation on Bill in May

The Greek Ministry of Development is taking decisive action to curb predatory banking practices, with Minister Takis Theodorikakos announcing that a new bill to cap bank charges will be presented for consultation within May. This move, as reported by Ta Nea, aims to put an end to the "fine print" practices that often burden borrowers, ensuring greater transparency and fairness in financial dealings.

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There will be a cap between 30%-50% on bank charges, a percentage that, as he said, corresponds to the average of Eurozone countries.

The proposed legislation introduces a significant cap on bank charges, set between 30% and 50%. This measure is not only designed to protect consumers from over-indebtedness but also aligns Greece with the average practices observed across the Eurozone. By setting a limit on the total cost of loan repayment, even in the most unfavorable scenarios, the government seeks to provide a crucial safety net for citizens struggling with financial obligations.

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Even in the worst-case scenario for the borrower, 50% of the amount, along with interest, expenses, and fees, will remain to be repaid.

Beyond the banking sector, the government is also addressing inflationary pressures in the broader economy. Theodorikakos highlighted the success of measures to curb diesel price increases, which have resulted in lower inflation compared to other European nations. Furthermore, the minister stressed the need to extend the price caps on supermarket shelves and intensify consumer protection efforts. This dual focus on financial regulation and market intervention reflects a commitment to safeguarding the purchasing power of Greek households during challenging economic times. The Greek perspective is one of proactive governance, aiming to balance economic growth with social protection and to ensure that the benefits of any economic recovery are broadly shared.

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We must extend the price cap on supermarket shelves.