IMF bank levy plans will not catch hedge funds, say critics

At a summit in Pittsburgh in September 2009, leaders of the Group of Twenty (G-20) industrial and emerging market countries tasked the IMF to prepare a report in time for their June 2010 meeting laying out a range of options countries have adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system. A preliminary version was to be prepared for discussion at the April 2010 G-20 ministerial meeting.

• Primary Source

European Commission: SEC (2010)409: Commision Staff Working Document: Innovative financing at a global level http://ec.europa.eu/economy_finance/articles/international/documents/innovative_financing_global_level_sec2010_409en.pdf

Website: G20 Summit, Toronto, 26-27 June 2010 http://g20.gc.ca/home/

IMF Survey, 1.12.09: IMF Examining Financial Sector Tax Options http://www.imf.org/external/pubs/ft/survey/so/2009/NEW120109A.htm

Website: IMF: Financial Crisis http://www.imf.org/external/np/exr/key/finstab.htm

ESO: Background information: A reach regained http://www.europeansources.info/record/a-reach-regained/

BBC News, 21.4.10: IMF proposes two big new bank taxes to fund bail-outs http://news.bbc.co.uk/1/hi/business/8633455.stm

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