Daily Banking Industry News
Saturday 10th of October 2009

Banking Sectors:

By company:

By organisation:

Also see:

October 5, 2009

IMF considers bank levy to help poor countries

by Gill Montia

Story link: IMF considers bank levy to help poor countries

The International Monetary Fund (IMF) is considering raising a levy from the world’s biggest banks and hedge funds to provide support for the poor countries of the world.

IMF managing director, Dominique Strauss-Kahn, believes it is only fair that the financial sector should pay to offset the shock waves it has caused in the global economy.

However, Mr Strauss-Kahn is reported to be opposed to a “Tobin” tax on banks’ foreign exchange trading.

This form of taxation was conceived by James Tobin in the 1970s.

The economist’s blue-print has recently been dusted-off by Financial Services Chairman Lord Turner and others, and considered as a means of limiting the City’s powers.

UK banks are already facing steep rises in regulatory charges as a result of the credit crisis and both the Government and financial sector are likely to be strongly opposed to an additional burden from the IMF.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: IMF considers bank levy to help poor countries

Nationwide demands review of FSCS levy  ...

B&B rescue increases FSCS levy for building societies  ...

IMF warns of further European bank collapses  ...

OFT launches irresponsible lending review  ...

World Bank fights food crisis with $1.2bn  ...

No Comments »

No comments yet.

Leave a comment


Previous: « RBS gains expertise in risk and remuneration
Next: Lord Myners to caution investment banks on bonuses »

Visited 301 times, 2 so far today


Savings & Investment News


Borrowing & Lending News