FRANKFURT (Reuters) -The European Central Bank criticised on Wednesday the Italian government's proposed tax on windfall bank profits, saying it did not ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSFRANKFURT -The European Central Bank criticised on Wednesday the Italian government's proposed tax on windfall bank profits, saying it did not consider lenders' long-term prospects and could make some of them vulnerable to an economic downturn.
Bank shares tumbled before the economy ministry clarified that the new tax would amount to no more than 0.1% of lenders' total assets. "As a result of the general application of the extraordinary tax, credit institutions that have lower solvency positions or are more focused on lending activity or have challenging capital projections could become less able to absorb the potential downside risks of an economic downturn," the ECB added.
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