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Press watch: bank levies

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‘The Dutch banking industry has attacked government plans to impose a €300m annual tax on Dutch banks, arguing that any such levy should be introduced across the European Union rather than by individual countries …

‘Jan Kees de Jager, finance minister, said he saw the British financial tax as a potential model, and that the levy was broadly in line with similar tariffs being levied in France and Germany. But the Dutch Banking Association said the move was inappropriate, would limit the extension of credit to businesses and make it even harder for buyers to secure mortgages …

‘Other European governments have imposed similar levies. Sweden and Germany have both set up hypothecated schemes with money raised set aside to cover the cost of future financial crises. France has also instituted a scheme but the UK levy is the most punitive.’

Financial Times, 5 July 2011