“We have been asked to consider an intermediary stage for the process,” said Dan Manolescu, a state secretary with the finance ministry.
“We are waiting for proposals regarding a possible level of the inter-bank commissions and a potential timeframe,” Manolescu said after a public debate on the ministry’s bill regarding the limitation of inter-bank fees charged on debit and credit card transactions.
In January, the ministry announced plans to cap the interbank fees charged on debit and credit card transactions to 0.2% and 0.3% on each transaction, respectively. This would translate into a reduction of 50% to 90% of the current interchange fees.
While the retailers welcomed the project and said the ministry should step up the implementation process, bankers and card processors argued the move would be premature and the inter-bank fees should be lowered gradually, potentially in two steps.
“Apparently, Romania is issuing a law before the European project is even completed, without a prior analysis of the potential effects and with a transition period of six months instead of two years (the transition period proposed by the European Commission – e.n.),” said Mihai Bogza, president of the Foreign Investors’ Council.
He said the banks would just transfer their costs to consumers instead of retailers.
Catalin Cretu, Visa Europe director for Romania, said in turn that the authorities should consider the effects of a “drastic and sudden” reduction of the inter-bank fees on future investments in payment and card technology.
“I don’t believe these commissions should be regulated by law, but if you consider moving in that direction, we recommend lowering the fees to a reasonable level,” Cretu said.