Opinion of the European Central Bank of 31 March 2025 on eliminating or reducing charges imposed by payment service providers (CON/2025/8)
Date: 2025-03-31
Institutions: European Central Bank
Subjects: financial stability

ECB-PUBLIC 

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 31 March 2025 

on eliminating or reducing charges imposed by payment service providers 

(CON/2025/8) 

Introduction and legal basis 

On 20 December 2024 the Greek Parliament adopted Law 5167/2024 on the restructuring of the railway 

sector,  the  enhancement  of  regulatory  bodies  for  transportation  and  other  provisions1  (hereinafter  the 

‘Law’). The Law includes provisions eliminating or reducing certain charges and fees that may be imposed 

by payment service providers (PSPs), including credit institutions supervised by the European Central Bank 
(ECB)  and  the  Bank  of  Greece,  as  well  as  addressing  certain  other  matters.  The  ECB  has  not  been 

consulted by the Greek authorities on the Law. 

The ECB has decided to deliver an own initiative opinion on the Law. The ECB’s competence to deliver an 

opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the European Union and 

Article 2(1), second, third, fifth and sixth indents, of Council Decision 98/415/EC2, as the Law relates to (1) 

means of payment, (2) the Bank of Greece, (3) payment and settlement systems, (4)  rules applicable to 

financial institutions insofar as they materially influence the stability of financial institutions and markets, 

and (5) the tasks conferred upon the ECB pursuant to Article 127(6) of the Treaty concerning the prudential 

supervision of credit institutions. In accordance with Article 17.5, first sentence, of the Rules of Procedure 

of the European Central Bank, the Governing Council has adopted this opinion. 

1. 

Purpose of the law 

1.1  The main elements of the Law which are of relevance to the ECB are as follows.  

1.2  The  Law  eliminates  or  reduces  the  charges  imposed  by  PSPs3  for  a  wide  range  of  day-to-day 

payment  transactions  conducted  by  natural  persons,  entrepreneurs,  sole  proprietorships  and 

freelancers. More specifically, the Law introduces: (1) free of charge payments orders, provided that 

they are carried out via digital payment networks (web/mobile/internet banking) and free of charge 

standing  orders,  to  pay  certain  bills  and  debts4;  (2)  free  of  charge  withdrawal  of  cash  through  an 

automated  teller  machine  (ATM)  operated  by  a  credit  institution  other  than  the  one  at  which  the 

account is maintained, in municipalities where there is an ATM of only one credit institution5; (3) free 

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5  

Government Gazette Α 207/20.12.2024. 

Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42, ELI:. 
http://data.europa.eu/eli/dec/1998/415/oj). 
As defined in Article 1(2) and Article 4 of Law 4537/2018. 
Article 48(1), point (a), of the Law. 

Article 48(1), point (b), of the Law. 

 
 
 
 
 
 
 
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of  charge  inquiries  relating  to  the  balance  on  an  account,  card  or  loan  or  relating  to  account 

movements through an ATM operated by a credit institution other than the one at which the account 

is maintained6; (4) free of charge charging and discharging of prepaid cards of up to EUR 100 per 

day, provided that they are carried out via digital payment networks (web/mobile/internet banking)  

and free of charge standing orders carried out via prepaid cards7; (5) reduced charges in respect of 

credit transfers of up to EUR 5 000 per day8; and (6) reduced charges in respect of transactions of 

up to EUR 20 conducted with micro-merchants via debit, credit and prepaid cards9. 

1.3  The Law broadens the types of loans that may be provided by credit provision companies supervised 

by the Bank of Greece so as to be the same as those provided by credit institutions, to enhance 

competition and offer more choice to businesses and households10.  

1.4  The Law increases by 100 % the real estate property tax imposed on apartments and houses owned 

by credit institutions and servicers as of the tax year 2026, to encourage the disposal of idle assets11. 

2. 

General observation  

This opinion is limited to specific observations concerning the impact of the Law on (1) free of charge 

withdrawals of cash at certain ATMs and (2) the stability of financial institutions and the prudential 

supervision of credit institutions. This opinion does not address issues  that fall outside the  ECB’s 

fields of competence, including, in particular, issues concerning consumer protection or competition 

issues outside the ECB’s fields of competence in respect of means of payment, financial stability and 

the prudential supervision of credit institutions. 

3. 

Free of charge withdrawals of cash at certain ATMs 

3.1  The  ECB  understands  that  the  introduction  of  free  of  charge  ATM  cash  withdrawals  concerns 

municipalities where only one credit institution operates one or more ATMs and applies for customers 

that maintain their payment accounts at other credit institutions. The ECB understands that it is the 

standard practice of Greek credit institutions not to charge their own clients for the withdrawal of cash 

with debit cards through ATMs operated by them. Therefore, clients have free of charge access to 

cash with their debit cards through ATMs in all areas where there are ATMs operated by the credit 

institution at which their account is maintained. Free of charge access to cash by a credit institution’s 

clients also applies as regards the withdrawal of cash from the respective credit institution’s ATMs 

with credit cards12. The Law therefore effectively restricts credit institutions’ ability to impose charges 

for ATM cash withdrawals in municipalities where clients do not have access to an ATM operated by 

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12  

Article 48(1), point (c), of the Law. 

Article 48(1), point (d), of the Law. 
Article 48(2) of the Law. 

Article 50 of the Law. 
Article 49 of the Law. 

Article 51 of the Law. 
In this respect, Ministerial Decision Ζ1-798/25.06.2008, as amended by Ministerial Decision Z1-21/17.1.2011 (FEK B 
1353/11.7.2008 & 21/18.11.2011 respectively), expressly prohibits the inclusion, in bank contracts with clients, of 
general terms and conditions that have been considered as unfair by final Court decisions, such as a term in a credit 
card contract that provides for a fee in respect of cash withdrawals from a branch or ATM of the same credit 
institution. 

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the  credit  institution  at  which  they  maintain  their  account  and  where  only  one  credit  institution 

operates one or more ATMs.  

3.2  The ECB welcomes this measure, which helps to preserve the effectiveness of the legal tender status 

of euro banknotes The ECB considers it important that all Member States put in place appropriate 

measures  to  ensure  that  credit  institutions  and  branches  operating  within  their  territories  provide 

adequate access to cash services13. This is crucial to facilitate the continued use of cash14. Sufficient 

and effective access to cash is necessary to preserve the effectiveness of the legal tender status of 

cash.  If  citizens  do  not  have  easy  access  to  cash,  they  will  not  be  able  to  use  it  as  a  means  of 

payment  and  store  of  value15.  The  prohibition  on  credit  institutions  charging  for  ATM  cash 

withdrawals as provided for by the Law is an effective measure to help ensure sufficient and effective 

access to cash throughout Greece. It helps ensure that all citizens in all municipalities may withdraw 

cash free of charge at ATMs in a convenient manner.  

3.3 

In  this  context,  it  is  recalled  that  on  28  June  2023  the  Commission  published  a  proposal  for  a 

Regulation of the European Parliament and of the Council on the legal tender of euro banknotes and 

coins16 (hereinafter ‘the proposed regulation on the legal tender of euro cash’), which includes an 

obligation  for  Member  States  to  ensure  sufficient  and  effective  access  to  cash  throughout  their 

territories.  The  proposed  regulation  on  the  legal  tender  of  euro  cash  provides  that,  following  its 

adoption, the Commission will adopt implementing acts on a set of common indicators of general 

application in the euro area, which would allow Member States to effectively monitor and assess the 

acceptance of payments in cash and access to cash throughout their territories, in all their different 

regions, including urban and non-urban areas. It is envisaged that the ECB will be consulted by the 

Commission on the preparation of such implementing acts17. Following adoption by the Commission 

of the implementing acts on the common indicators, Member States would need to monitor the level 

of access to cash throughout their territories based on the common indicators. If in the light of their 

assessment  access  to  cash  is  deemed  insufficient  and/or  ineffective,  Member  States  would  be 

obliged to take remedial measures. In this context,  national legislation concerning access to cash 

would need to be reviewed and, if necessary, adjusted accordingly. 

4. 

The stability of the financial system and prudential supervision of credit institutions  

4.1  According to its explanatory memorandum18, the Law lifts the limitations applicable to the granting of 

loans  by  credit  provision  companies  with  a  view  to  fostering  competition  in  the  financial  system, 

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18  

See paragraph 2.4 of Opinion CON/2024/34. All ECB opinions are published on EUR-Lex. 

See paragraph 2.2 of Opinion CON/2023/25, paragraph 1.2 of Opinion CON/2023/31 of the European Central Bank 
of 13 October 2023 on a proposal for a regulation on the legal tender of euro banknotes and coins (OJ C, 
C/2023/1355, 1.12.2023, ELI: http://data.europa.eu/eli/C/2023/1355/oj), paragraph 2.3 of Opinion CON/2024/3, 
paragraph 2.3 of Opinion CON/2024/19 and paragraph 2.1 of Opinion CON/2024/34. See also Principle 6 of ELTEG 
III in the Final report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022, available on the Commission’s 
website at www.ec.europa.eu. 

See paragraph 2.2 of Opinion CON/2023/25, paragraph 1.2 of Opinion CON/2023/31, paragraph 2.2 of Opinion 
CON/2024/3 and paragraphs 2.3 and 2.7 of Opinion CON/2024/19. See also Principle 6 of ELTEG III in the Final 
report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022. 
COM(2023) 364 final. 
Recitals 8, 9 and 12, and Article 9(2) and (5) of the proposed regulation on the legal tender of euro cash. 

Available on the website of the Hellenic Parliament at www.hellenicparliament.gr. 

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improving the quality of services and promoting access to credit. In this context, the ECB understands 

that credit provision companies are supervised by the Bank of Greece and are accordingly subject 

to the macroprudential measures set out in Regulation (EU) 575/2013 of the European Parliament 

and of the Council19 and in Directive 2013/36/EU of the European Parliament and of the Council20, 

as  implemented  by  the  Bank  of  Greece,  aimed  at  reducing  the  build-up  of  systemic  risks  and 

strengthening the resilience of the financial system. In view of the expansion of the types of loans 

that may be granted by credit provision companies so as to be the same as those granted by credit 

institutions,  the  ECB  welcomes  the  fact  that  such  companies  will  be  subject  to  macroprudential 

borrower-based measures aimed at preventing or mitigating systemic risks stemming from residential 

real estate lending.  

4.2  As regards the Law’s measures reducing or eliminating charges imposed by PSPs and concerning 

real estate taxes applicable to credit institutions and servicers, the ECB considers that the impact of 

these measures on the stability of the Greek financial system and on the prudential supervision of 
Greek credit institutions is broadly neutral. 

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 31 March 2025. 

[signed] 

The President of the ECB 

Christine LAGARDE 

19  

20  

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential 
requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1, ELI: 
http://data.europa.eu/eli/reg/2013/575/oj). 
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of 
credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing 
Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338, ELI: http://data.europa.eu/eli/dir/2013/36/oj). 

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