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FRANKFURT, Sept 13 - The European Central Bank on Wednesday criticised 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.
"The amount of the extraordinary tax might not be commensurate with the longer-term profitability of a credit institution and its capital generation capacity," the ECB said in a non-binding legal opinion. Other amendments are likely to exempt smaller banks from paying the tax or revisit its cap by anchoring it to risk-weighted assets instead of total assets, according to some ruling politicians.
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