ATHENS – Greek banks which got 50 billion euros ($53.49 billion) in state bailouts during an economic austerity crisis and now raking in big profits after selling off bad loans are charging too much in fees, Finance Minister Kostis Hatzidakis.

Talking to the annual general assembly of the Hellenic Banks Association he warned the state will step in to deal with the excessive costs if the banks don’t, complaining that clients are being charged too much.

So far he’s using jawboning to deal with it, only urging them to voluntarily act although that hasn’t worked, warning that unless the banks react this time that the New Democracy government will intervene with mandatory legislation.

He didn’t specify what that would be as the government hasn’t interfered with banks over the fees, including using ATM’s and currency conversion and said a fifth big bank would be created with Attica Bank taking over Pancreta.

He said the next step will be extending direct payments to all businesses and to the entire range of transactions, both in e-commerce and in stores, by March 2025 to further accelerate the financial schemes.

“The government wants a robust banking system that acts as a driver of economic growth. However we also want a banking system with competition between banks. A banking system that will provide attractive returns to savers and liquidity to businesses and households,” he also said.

He said Greek banks should follow the model of those in other European Union countries over fees and said the failure to rectify the problem “offers nothing, either to the banks, or to the government, or to society.”