No evidence has come up concerning the existence of cartels or cartel-like behaviour in the retail fuel market or the banking industry, the Commission for the Protection of Competition (CPC) told MPs on Monday.
Eva Pantzari, head of the CPC, was taking questions from lawmakers during a review of the commission’s budget for 2025.
Responding to persistent queries, Pantzari said that in order for the CPC to initiate an investigation into suspected cartels or market concentration, it needs to have “a trigger” – a specific complaint lodged before it.
It has none at this time, she added.
Asked about the rapid rise in motor fuel prices, and whether companies are “gouging” consumers, Pantzari again said they had no such complaint before them.
At any rate, the CPC is in constant contact with the Consumer Protection Service at the commerce ministry.
Akel MP Giorgos Loukaidis raised the issue of the two largest banks charging almost identical interest rates and fees, asking whether this did not merit an investigation into possible collusion.
The same MP noted that these two banks together hold 85 to 90 per cent of the market share.
Once more, Pantzari said no complaint has been lodged. The CPC does not suspect the existence of a cartel among banks, and evidence is needed to start a probe.
Parliamentarians also grilled the CPC official on the acquisition of hospitals by a certain investment fund. They were referring to the fund’s purchase of one private hospital, plus two hospitals that are part of the national health system or Gesy.
On this, Pantzari stated that the law as it stands permits investment funds to purchase healthcare facilities, whether they are inside Gesy or not.
But if the state is averse to such practices, then it should move to change the law, she noted.
So far this year, the CPC has received only three complaints – compared to six in 2023.
According to official filings, the number of concentrations – company buyouts – came to 50.
From the start of the year up until the end of October, the CPC convened 72 times and issued 64 decisions, the majority of which relating to checks on the concentration of business undertakings.
Currently the CPC has 13 open cases before it.
Speaking to the media after the session of the House finance committee, MP Loukaidis said they asked the CPC whether it lacks either the staff or the legal tools to carry out its work.
“The answer we got was clear. Essentially nothing hampers their work,” said the MP.
“Therefore the huge problems and gaps that exist, which hurt consumers to a large extent, be they households or businesses, exclusively emanate from a lack of will from the CPC, or incompetence, or both.”
The CPC’s proposed budget for fiscal year 2025 comes to €2.5 million.
