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December 11, 2001

Commerzbank reaction to fine imposed by the EU Commission

The EU-Commission has fined a number of European banks for supposed price fixing pertaining to foreign exchange within the Euro-Zone. From Commerzbank's perspective this fine is completely unjustified. The Bank never took part in any such agreement, but rather set its commission at 3.75 percent, on its own, market oriented, and determined by the cost of such a currency exchange. Therefore the Bank refuses to accept this fine and will lodge an appeal with the European Court of Justice.

From the Commerzbank's perspective, the decision is not based upon any comprehensible legal basis. The decision does not consider the fact that currency exchange since 1999, while no longer with an exchange rate risk, still includes all other cost components, including transportation, insurance, administration and storage costs.