Financial Regulatory Forum

EU finance chiefs to discuss bank levy this week

   By John O’Donnell
   BRUSSELS, April 13 (Reuters) – European finance ministers will attempt to settle differences over how best to impose extra taxes on banks at a meeting in Madrid this week, sources familiar with the talks said. (more…)

Canada to oppose global bank tax – newspaper

TORONTO, Feb 19 (Reuters) – Canada will formally oppose international efforts by the world’s major economies to impose a global bank tax as the current government favors lower taxes, Canada’s National Post newspaper reported on Friday.

The report, citing unnamed government sources, said Canada’s move could potentially cause a major split among Group of 20 leaders at a summit in Toronto in June and thwart efforts to impose uniform financial regulations after the recession.

A spokesman for Canada’s finance ministry declined to confirm details of the report.

EU parliament backs creation of bank crisis fund

By John O’Donnell

STRASBOURG, France, Feb 9 (Reuters) – The European Parliament is set to back a proposal that would force banks to pay into an emergency fund designed to help cope with future financial crises, a document seen by Reuters shows.

Earlier this year, Sweden’s finance minister called on European counterparts to follow U.S. President Barack Obama’s lead with a bank tax to recoup the cost of propping up the industry — an idea that Germany is now considering.

The European Parliament, a powerful institution that will write any new bank tax into EU law, is set to give the idea a thumbs up, according to senior members of the assembly.

Austrian bank tax could lead to sell-out -RZB

Raiffeisen Zentralbank Chief Executive Walter Rothensteiner

Raiffeisen Zentralbank Chief Executive Walter Rothensteiner

    VIENNA, Feb 5 (Reuters) – An Obama-style bank tax proposed by Austrian Chancellor Werner Faymann could lead to a sector sell-out to foreign buyers, the head of Raiffeisen Zentralbank [RZB.UL], one of Austria’s top lenders, was quoted as saying on Friday. (more…)