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Barnier takes on UK with bank tax plan

first_img KCS-content whatsapp Monday 6 September 2010 8:43 pm EUROPEAN finance commissioner Michel Barnier will take on the UK today when he advocates setting up a series of liquidation vehicles funded through a region-wide bank tax.Chancellor George Osborne has refused to back the use of tax revenues to create funds to wind down failed institutions, arguing that ring-fencing the proceeds of banking levies would encourage risk-taking.But Barnier will present a working paper to a meeting of European Union finance ministers arguing for the establishment of several “resolution” funds financed by a pan-EU tax on lenders’ balance sheets. A briefing paper said the system would remove moral hazard, whereby banks know they can take risks because they are effectively insured by taxpayers, and “encourage responsible behaviour”.The proposal has been taking shape since the financial crisis saw the likes of Lloyds Banking Group and Royal Bank of Scotland in the UK, and Fortis in the Netherlands, propped up with governments’ cash. Barnier is expected to recognise the tax will come in at a time when banks are under pressure to hold more capital.“The rate of the levy must not be set so high that it damages prospects for economic growth,” he will say.Like Osborne, Barnier believes the levy should be based on banks’ liabilities minus their guaranteed deposits. However, it is understood the UK will strongly oppose the plan to plough the proceeds into wind-down funds.A Treasury source said: “We have been very clear that revenues should go to the Exchequer and should not be ring-fenced nationally or at a European level.” whatsapp Barnier takes on UK with bank tax plan center_img Show Comments ▼ Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Tags: NULL Sharelast_img read more