Capital One 2003 Annual Report Download - page 37
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Please find page 37 of the 2003 Capital One annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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current examination by the OFT of whether the levels of interchange paid by retailers in respect of MasterCard
credit and charge cards in the U.K. are too high. The preliminary conclusion of this examination is that they are
too high which could, if not changed or if agreement is reached on a lower level of interchange, adversely affect
the yield on U.K. credit card portfolios, including ours, and could therefore adversely impact our earnings. The
European Commission has also concluded an examination of the level of cross-border interchange with the
European Union in respect of VISA credit and charge cards and its findings will lead to a phased reduction in the
rate of interchange to be paid by retailers in the future. Other U.K. legal developments include communications
with the United Kingdom office of fair trading as to its interpretation of consumer credit law which could lead to
changes in the lending agreements from time to time.
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