Austrian Banks Demand Cut in Bank Levy

Politics ♦ Published: November 5, 2013; 11:32 ♦ (Vindobona)

Major banks in Austria demand tax reliefs in return for a participation in Hypo Group Alpe Adria’s bad bank.

Austrian Banks Demand Cut in Bank Levy / Picture: ©

Banks in Austria pay around € 600m in bank levy, which is the same amount of duty for German banks. For instance, the total levy paid by Erste exceeds the profits made in Austria which is causing uproar at the Eastern European affiliates as it is regard as unlawful cash drain.

Major banks in Austria, i. e. Raiffeisen, Erste Group and Bank Austria, have been trying to find a…