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MJ Bijlsma CM Van Den Broek JFG Bruggert E

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MJ Bijlsma CM Van Den Broek JFG Bruggert E The following staff of NMa contributed to the realisation of this document: M.J. Bijlsma C.M. van den Broek J.F.G. Bruggert E.J.R. Droste M. Gerritsen W. Meester I.S. Nobel M.M. Oijevaar C. Wolfsen C.J. Zonderland The contents of this publication closed on 1 October 2005. Developments after this date could therefore no longer be included in the texts. 1 Contents Foreword 4 1 The Financial Sector Monitor in 2005 6 1.1 Introduction 6 1.2 Activities of FSM in 2005 6 1.3 Success factors 8 1.4 Structure 9 1.5 Market developments in 2005 10 2 Competition between insurance brokers 15 2.1 Introduction 15 2.2 Responses to the consultation document 15 2.3 Survey 16 2.4 Analysis of consumer choice 20 2.5 Conclusions 24 3 Effects of the transfer of PIN contracts 26 3.1 Introduction 26 3.2 Outcomes of the research by NIPO/ECORYS-NEI 27 3.3 Outcomes of FSM's research into tariffs 29 3.4 Conclusions 30 4 Entry and exit of banks 32 4.1 Introduction 32 4.2 Registrations and deregistration under the Credit System (Supervision) Act 32 4.2.1 Breakdown according to the type of institution 34 4.2.2 Registrations and Deregistrations of Dutch commercial banks according to their background 36 4.3 Entries and exits 37 4.4 Conclusions 38 5 The geographical dimension of the health insurance market 39 5.1 Introduction 39 5.2 The healthcare market 40 5.3 Relevant geographical dimension 42 5.4 Dynamic factors 44 5.4.1 Regional mechanism 44 5.4.2 Counteracting factors 47 5.4.3 Empirical research 49 5.5 Conclusions 52 6 Interbank charges: economic theory and international overview of cases 53 6.1 Introduction 53 6.2 Economic theory 54 6.3 Analysis 56 6.4 Overview of competition cases 58 6.5 Analysis 64 6.6 Conclusions 65 2 7 Competition on the coinsurance market 66 7.1 Introduction 66 7.2 Description of the market 66 7.2.1 Market parties 67 7.2.2 Size and development of the market 69 7.2.3 Insurance broker's commission 70 7.3 The framework of competition law 70 7.3.1 Coinsurance groups 71 7.3.2 Standard insurance exchange policies 71 7.4 Analysis of risks to economic competition 72 7.5 Conclusions 74 8 The market for investment funds 76 8.1 Introduction 76 8.2 Description of the market 76 8.3 Conclusions 83 Annex 1 Decision-making practice in relation to merger cases 85 Annex 2 Labels and operating companies in the healthcare sector 90 Annex 3 Healthcare agency regions 91 Notes 94 3 Foreword The financial sector in the Netherlands is and remains an important area of attention for the Netherlands Competition Authority (NMa). A spear point is the annual publication of the Financial Sector Monitor (FSM). We are pleased to present you with the third edition. The previous two editions mainly presented market-wide scans which focused on identifying risks. The Financial Sector Monitor 2005 gives greater emphasis to market outcomes. A number of developments in the past year have shown that the increased attention paid by NMa to the financial sector has borne fruit. In the wake of the Interpay case, there is evidence of nascent competition on the market for PIN payments. The minimum discount of one eurocent on PIN tariffs for retailers, agreed by banks and retailers, may reinforce this dynamism. In addition banks and retailers intend to work together in developing a more efficient system of payments. Most probably new competition issues will arise as a result. NMa will therefore continue to monitor developments in the area of payment services actively. Another result of the intensified contacts with the sector is the growing awareness in the banking and insurance sector of the standards set by the Competition Act. This is apparent, for instance, from the increasing need for informal opinions, for instance on the setting up of Currence (the owner of the payment services products, PIN and Chipknip, and the successor of Interpay) and the Payment Services Covenant 2005 [Convenant Betalingsverkeer 2005]. This increased awareness is also apparent from the intensified consultation with the sector on matters relating to competition law. This concerns, for instance, the model compliance programme drawn up by the Dutch Association of Insurers in consultation with NMa, which has been implemented by most insurers. Following our invitation to attend the FSM symposium 'Electronic Payments Services: Competing in a Changing Market?' (‘Elektronisch betalingsverkeer: concurreren in een veranderende markt?’) the Dutch Bankers's Association [Nederlandse Vereniging van Banken (NVB)] is considering introducing a similar programme. The European dimension is playing an increasingly important role in current developments. The European Commission and the Member States have started paying more attention to the financial sector. The European Commission last year started conducting sector enquiries into retail banking and business insurance. The number of active members of the 'Financial Services Working Group', a European working group which analyses economic problems in relation to competition in the various European Member States has increased considerably under the chairmanship of NMa. NMa's mission is to 'make markets work'. Monitoring markets, such as the financial sector, and publishing the insights obtained, makes a considerable contribution to this as it promotes an autonomous enforcement effect. The emergence of competitive financial markets demands a permanent effort. NMa will therefore continue to monitor the financial sector intensively in the coming years. 4 The Board of the Netherlands Competition Authority, P. Kalbfleisch R.J.P. Jansen G.J.L. Zijl 5 1 The Financial Sector Monitor in 2005 1.1 Introduction In earlier publications of FSM, it was concluded that there is a high risk of restrictions on competition in the financial sector. The sector is highly concentrated, there are considerable cross holdings and there is information asymmetry between buyers and sellers. The products offered in this sector are often complex and usually have a long-term character. As a result, the relationships between buyers and sellers are close. In addition, the financial sector is characterised by a wide variety of activities, types of institutions and product-market- customer combinations. Finally the sector is special due to its considerable importance to the Dutch economy and the intensive prudential and behavioural supervision to which it is subjected.1 These factors emphasise the necessity for monitoring competition in the financial sector on a structural basis. FSM does so by carrying out economic research on a structural basis into competition on the various submarkets of the financial sector. This research analyses the risks of limited competition in the sector, for instance on the basis of structural characteristics, or analyses the competition process and market outcomes. Where possible, FSM shares the insights and analyses resulting from this research with the sector, for instance by publishing the annual Financial Sector Monitor. Structural monitoring has three complimentary effects, which contribute to a considerable degree to NMa's mission, namely 'making markets work'. Firstly, structural monitoring of the financial sector and the publication of insights and analyses resulting from this increases awareness of the standards contained in the Competition Act and the importance of compliance with the Act. This results in an autonomous enforcement effect. Secondly, structural monitoring contributes to efficiently prioritizing oversight, ensuring that investigations into infringements of the Competition Act are conducted effectively, and provides support in assessing mergers and acquisitions. Finally, the insights acquired provide starting points for policy recommendations, for instance where anti- competitive structures fall outside the scope of the Competition Act. In this chapter, firstly an overview is provided of the activities of FSM in 2005. After this, the success factors for market research, which FSM has identified in the first three years of its existence, are discussed briefly. Finally, it should be noted from the outset that the term 'markets' is used frequently in this Monitor. This does not mean, however, that these markets coincide with the definition of relevant markets under competition law. 1.2 Activities of FSM in 2005 Various phases in monitoring research The characteristics of the financial markets were analysed in early editions of the Financial Sector Monitor. An analysis was also made of the extent to which competition is at risk on certain submarkets. In most cases, various indicators were researched which, considered in 6 relation to each other, provide an estimate of the risk from the perspective of competition. This is an initial phase in monitoring research. Typical examples of such research in the Financial Sector Monitor 2004 are the chapters on competition between insurance brokers, competition on the share market and the international comparison of the markets for PIN services. An example of this in the Financial Sector Monitor 2005 is the research into the market for healthcare insurance in chapter 5. A second phase of monitoring research builds on the earlier risk estimates and provides greater depth. This Financial Sector Monitor 2005 contains research into several areas which fall within the second phase. This is the research into the areas of interbank charges (chapter 6), the market for coinsurance (chapter 7), and the market for investment funds (chapter 8). A third phase in the monitoring research involves establishing the extent to which economic risks in relation to competition which arise can be translated into actual market outcomes. This third edition of the Financial Sector Monitor focuses for the first time more specifically on the outcomes of the competition process. The chapters which fall into this category are chapter 2 on competition between insurance brokers, chapter 3 on the effects of the recent transfer of PIN contracts to banks, and chapter 4 on entries and exits in the banking sector.
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