Arab Today, arab today bankers criticise francogerman proposal
Last Updated : GMT 03:25:36
Arab Today, arab today
Arab Today, arab today

Bankers criticise Franco-German proposal

Arab Today, arab today

Arab Today, arab today Bankers criticise Franco-German proposal

Frankfurt - Arabstoday

Banks criticised Franco-German plans for a tax on financial transactions, saying they will jeopardise economic growth and distort markets, as the British, Dutch and Swedish governments distanced themselves from the proposals. \"The financial-services industry should not be seen as an additional source of tax revenue but as an essential part of a stable and sustainable economy,\" said the Association for Financial Markets in Europe, which represents firms including Deutsche Bank AG and BNP Paribas SA. A \"tax would be a brake on economic growth,\" it said in a statement. Lenders would pass on the cost of the levy to customers in the same way they already transfer the cost of UK Stamp Duty on share purchases to clients, Brian Mairs, a spokesman for the British Bankers\' Association, a London-based lobby, said yesterday. A tax would only work if implemented globally or it would trigger \"distortions\" in financial markets, Mairs said. The British government, which oversees Europe\'s biggest financial centre, is preparing to clash with its French and German counterparts over the levy, which would be applied in all 27 European Union countries. Finance chiefs failed to agree on a transactions tax in September 2010, amid opposition from nations including the UK. The Swedish and Dutch governments also said yesterday that they oppose the plans. EU taxation proposals require unanimous support from the bloc\'s 27 governments to become law. Article continues below Josef Ackermann, chief executive officer of Frankfurt-based Deutsche Bank, Germany\'s biggest lender, said the tax would crimp banking profits in the European Union and may push business out of the Eurozone. \"A lot of activities will move out,\" Ackermann said yesterday in an interview with CNBC. \"In the end, beneficiaries will be in other parts of the world, especially emerging markets, perhaps the US or the EU, and those who will pay a price for it will primarily be Frankfurt and Paris, exactly those leaders who are proposing it.\" Implementing a tax on financial transactions would be difficult, Mike Trippitt, an analyst at Oriel Securities., wrote in a note to clients. \"Without the practical detail on scope and implementation, this should be treated as political rhetoric for now,\" he wrote. \"Implementation is knotty.\" A tax would need to be applied at the Group of 20 level to be effective, the UK and Netherlands said yesterday. Introduced globally \"Any financial transaction tax would have to apply globally — otherwise the transactions covered would simply relocate to countries not applying the tax,\" the UK Treasury said in a statement. \"The Dutch government has always pointed out that such a tax could be introduced globally,\" Dutch Finance Minister Jan Kees de Jager said in response to questions in parliament in The Hague Wednesday. \"If you don\'t do that, the distortion will be big. People can easily shift transactions to another jurisdiction.\" Sweden\'s Financial Markets Minister Peter Norman said that imposing the tax is unlikely to help EU efforts to calm market turmoil and would need to be global to have any effect. \"I find it difficult to see how a transaction tax in the EU would have any positive effects,\" Norman said in an interview in Stockholm. A tax at EU level could generate ¤200 billion (Dh1.06 trillion), according to economists at Royal Bank of Scotland Group. The levy may also \"raise questions\" about whether Barclays, Standard Chartered and HSBC Holdings, three of Britain\'s biggest banks, will retain their headquarters in London, Oriel said. The European Commission said it will draw up proposals for the tax and an assessment of its potential economic impact, before G-20 leaders meet in Cannes, France in November, backing recent calls by French President Nicolas Sarkozy and German Chancellor Angela Merkel for the levy. Excessive risk-taking \"The commission will go ahead with a legislative proposal for the FTT in autumn,\" Cristina Arigho, a spokeswoman for the EU\'s executive body in Brussels, said in a statement. A financial transactions tax, or FTT, \"could be an appropriate tool to reduce excessive risk-taking.\" In a bid to stem the worst financial crisis in Europe since the creation of the single currency, Merkel and Sarkozy agreed to press for closer Eurozone cooperation, tougher deficit rules and a harmonisation of their corporate tax rates. Sarkozy said finance ministers would be charged with developing a transactions tax, which he called a \"priority,\" sending European financial stocks lower yesterday. Deutsche Boerse, the operator of the Frankfurt exchange, led the Bloomberg Europe Banks and Financial Services Index 1.1 per cent lower in London. The tax could be used to finance the EU\'s next multi-annual budget, Jose Barroso, the commission\'s president, said in June. It is sometimes called a Tobin tax after James Tobin, the Nobel Prize-winning economist who first suggested the idea in 1971. The levy would be a \"tax on the City of London which Brussels wants to fund its ever-increasing spending,\" Martin Callanan, the leader of UK Conservative members of the European Parliament, said. \"London cannot and must not pay for the errors of other countries that have failed to make their financial-services sectors competitive and now want to drag us down with them.\"

arabstoday
arabstoday

GMT 18:53 2017 Wednesday ,20 September

Dollar exchange rate stable at major banks

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bankers criticise francogerman proposal Arab Today, arab today bankers criticise francogerman proposal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bankers criticise francogerman proposal Arab Today, arab today bankers criticise francogerman proposal

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday