Business World

Sunday 22 October 2017

Levy will mean banks pay more for financial crisis

Gonzalo Vina

G7 finance ministers have moved closer to agreeing that banks should pay for more of the cost of the financial crisis to ease the burden on taxpayers.

The ministers signalled they hoped to introduce a levy on banks -- if it could be applied worldwide.

"There is a joint effort to coordinate on global bank rules and possibly issue a levy," said French Finance Minister Christine Lagarde.

With government and central bank support for the global financial industry topping $11 trillion (€8trn), according to the Organisation for Economic Cooperation and Development, policymakers want banks to shoulder more of the costs. The International Monetary Fund will recommend to the Group of 20 in April the best way to proceed.

Irish Independent

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