November 25, 2019 / 12:59 PM / 17 days ago

Slovak central bank: higher bank tax would hurt sector stability, lending

BRATISLAVA, Nov 25 (Reuters) - A government proposal to double a tax levied on Slovak bank liabilities and keep it in place indefinitely could hurt investment in the country’s banking sector and erode financial stability and lending, the central bank said on Monday.

The bank said the higher tax, proposed by the government and due to be discussed by parliament, would cut banks’ profits by 33% based on 2018 data.

It said the higher tax, if approved, should be only left in place for one year, otherwise it would likely led to structural changes in the banking sector.

Reporting by Tatiana Jancarikova Writing by Jan Lopatka

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