BERLIN (MNI) – Germany’s government on Wednesday approved new
financial market regulations, which among other things would require
banks to pay dues to a special emergency fund that would serve as a
safety net for future crises in the financial sector.
A more detailed financial market regulation bill is to be passed on
to parliament by this summer.
In the rough draft adopted today, the government stipulates that
the share of dues each bank would pay depends on its systemic risk, the
degree of integration in financial markets and possible other
indicators. All banks would be required to pay these dues.
According to recent remarks by Finance Minister Wolfgang Schaeuble,
the bank dues will amount to some E1.2 billion per year.
“The banking dues will discipline banks not to take too high
risks,” Leo Dautzenberg, financial policy speaker in the parliamentary
bloc of Chancellor Angela Merkel, said today after the cabinet vote.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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