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MEPs question banking supervisor on tax havens

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The EU Parliament’s committee on economic and monetary affairs has submitted a question for written answer to the chair of the ECB’s Single Supervisory Mechanism Board, concerning ‘supervising the use of tax havens by European banks’.

The question draws on a report published by Oxfam in March, which used country-by-country data from the banking sector, gathered under rules introduced through the fourth capital requirements directive. According to the Oxfam report, this data indicates that ‘the top 20 EU banks are registering more profits in special tax jurisdictions than can be justified by the level of real economic activity taking place there’. The report also suggests that a large proportion of these declared profits arise ‘despite the banks not employing a single person in the countries concerned’.

The committee asks the banking supervisor:

  • how it ensures effective oversight of these activities;
  • for any additional useful information;
  • what risks these activities pose to the financial stability of the banking union and measures being taken to address them; and
  • whether further legislative action is needed.


Issue: 1357
Categories: News , International taxes