New taxes to slash European bank profits

Some of Europe’s biggest banks could see as much as a quarter of profits wiped out by the combined impact of 10 new levies imposed on their balance sheets in different EU countries across the continent, according to a European Union report prepared for the December 2010 European Council meeting.

Council of the European Union: Levies and taxes on financial institutions: Report to the European Council, October 2010 http://register.consilium.europa.eu/pdf/en/10/st15/st15262.en10.pdf

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