Fight for banking: Who pays the invoice in the end?

Fight for banking: Who pays the invoice in the end?

The new Austrian federal government, which was praised on Monday, introduces a controversial bank tax, the aim of which is to generate 500 million euros each for the crisis -shaken budget in the next two years. This measure is considered compensation for the noteworthy profits of the banks in recent years. There were months of violent discussions about this levy during the coalition negotiations, whereby banks and business representatives resisting vehemently resistance, while the Chamber of Labor and unions pleaded for the measure, as the business magazine "Eco" reported.

financial effects and expert opinions

The introduction of banking could further impair the already restrictive lending, warned Gunter Deber, head of Raiffeisen Research. The Austrian banks, despite stable capital resources, already adapt to the rising risks and falling interest and expect lower income. Experts like Thomas URL from WIFO see the tax for a specific industry a threat to the Austria location, which could rather deter potential investors. Does the industry really need a special tax that could reduce its equity and reduce lending?

On the other hand, numerous economic experts such as the still National Bank Governor Robert Holzmann support the submission as a sensible contribution to budget renovation. They see the need to take the crisis winner responsible. The Momentum Institute calculated that a bank tax could bring up to 850 million euros annually. AK President Renate Anderl emphasizes that it is high time to demand their fair part of the country that has benefited from the crisis on the financial stability of the country, reported ORF.