Court gives access to cartel files

The EU's second-highest court gave bank customers a victory yesterday in their struggle to find out how financial institutions over-charge for credit and loans.

The court of first instance (CFI) ruled that the European commission wrongly refused access to its files on a cartel of eight Austrian banks, known as the Lombard Club, which was fined €124m (£85m) in 2002 for fixing interest rates.

A consumer body, VKI, which is pursuing one bank, BAWAG, in Austrian courts for over-charging interest, was rejected when it applied to see "Lombard" files. The CFI accepted files had to be assessed before deciding whether exceptions applied or to allow partial access. The commission may appeal.

Separately, competition officials indicated that bids by the Dutch ABN-Amro and Spain's BBVA for two Italian banks would win approval, hastening a showdown with Italy's banking regulator.