Bank Taxes: Nowotny Supports Government

More+Comment ♦ Published: March 7, 2012; 18:13 ♦ (Vindobona)

OeNB´s governor Ewald Nowotny defends the coalition plans to raise bank taxes by 25%.

Bank Taxes: Nowotny Supports Government / Picture: © OeNB

At the end of February, the coalition parties SPÖ and ÖVP agreed on the bank tax by 25%. This measure was justified with the rescue of VBAG. Managers of the Austrian banking industry criticized the tax increase, but seem to accept the additional burden. For the banking industry, VBAG is still regarded as systemic bank. The bank tax will increase from € 500m to € 625m.

A few…