Austria: Faymann Insists on Bank Levy

People ♦ Published: April 1, 2014; 18:19 ♦ (Vindobona)

Chancellor Faymann intends to keep the bank levy in spite of the planned insolvency fund, which is going to be established EU-wide.

Banks are supposed to contribute in the downsizing costs for Hypo Group, according to Chancellor Faymann. / Picture: ©

According to Chancellor Werner Faymann, the bank levy adds € 3.5bn to the state revenues in each legislative period and contributes to the Hypo costs by a good part. “This insolvency fund is for the future wile the bank levy is for the past and the present,” Faymann stressed on Tuesday. Banks and the Austrian Chamber of Commerce (WKO) have reacted with outrage.

Despite this…