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Giro to lower interbank transaction fees

Telco

The board of directors of interbank clearing house GIRO decided that its interbank transaction fees in Hungary would be lowered by 20% starting January 1, 2015, the National Bank of Hungary (MNB), the sole owner of Giro announced on Wednesday.

The MNB said it considered lowering the cost of money transfers a priority and believes that the 20% cut in fees allows financial institutions to offer better conditions to their customers.

GIRO typically conducts small-value bulk transfers. Its share in all interbank transactions is about 99% by number and 5% by value. Its interbank settlement system (BKR) makes intraday settlement every two hours, or in five cycles during the day, since the middle of 2012. Money transfers through BKR take two hours to reach the recipient's account.

The MNB raised its stake to 100% in Giro by buying out banks and its own 53% of unit Keler in July 2014.

The company posted pre-tax profit of HUF 1.7 bln on revenue of nearly HUF 6 bln in 2013.

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