In addition, the whole of the banking sector has to pay a bank levy which feeds into a Restructuring Fund so that the sector shares in the costs of overcoming future financial crises.
It is estimated that the bank levy will channel around € billion per year into the Restructuring Fund, and the levy rate to be paid by each institution depends on its systemic importance – an aspect which I expressly welcome. However, it is vital that we do not overburden financial institutions. I am therefore unenthusiastic about the plans to introduce a financial transaction tax.