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Hungarian Competition Authority fines MasterCard HUF 88 mln

The Hungarian Competition Authority (GVH) fined MasterCard Europe SA HUF 88 million on charges of abusing its market position, Hungarian news agency MTI reported today.

According to the to authority, MasterCard set interbank commissions in 2011-2013 in a way that would squeeze out competitors, MTI reported. MasterCard set its commissions with the knowledge of a cap the European Commission placed on peer VISAʼs interbank commissions from February 2011, thus further reducing already weakened competition on the market, GVH said, according to MTI.

GVH said it considered as a mitigating factor when determining the amount of fine that MasterCard was not a repeat offender, MTI reported.