(Adds SocGen comment in 6th paragraph)
PARIS Oct 3 French Budget Minister Christian
Eckert said on Monday the state might review a tax credit French
bank Societe Generale received following rogue trading losses
suffered in 2008.
The government has asked tax authorities to investigate the
tax implications of an appellate court ruling last month that
former rogue trade Jerome Kerviel pay the bank 1 million euros
($1.1 million) in damages.
"So far the courts had not questioned Societe Generale's
responsibility. The last ruling ... seems to open up this
possibility," Eckert said on BFM Business television.
"I think that a review of the (tax) administration's
previous position based on earlier rulings is possible," Eckert
said, adding tax authorities were due to offer their opinion in
the coming weeks, if not days.
SocGen obtained a 2.2 billion euro tax break in relation to
the 4.9 billion euros in losses that Kerviel racked up for the
SocGen considers the ruling last month is not likely to
jeopardize the tax treatment after it reviewed previous
decisions of the Conseil D'Etat, France's highest administrative
court, a spokesman said on Monday.
Last week SocGen deputy chief executive officer Severin
Cabannes told a conference that the appeals court decision would
have no impact on the bank's earnings per share.
($1 = 0.8903 euros)
(Reporting by Leigh Thomas; Additional reporting by Maya
Nikolaeva and Yann Le Guernigou; Editing by Ingrid Melander)