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ER Editor: This story put us in mind of a recent article we put out on Hungary’s Viktor Orban offering government loans for property purchase as a way to avoid gouging bank interest rates. See —
Orbán pushes new home loan scheme in weekly interview: ‘Everyone can apply for this’
Poland is using a taxation approach on the banks for their high interest rates.
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Polish ministry seeks new tax on banks due to ‘very high profits’
Finance Minister Andrzej Domański says banks are generating excessive profits simply because interest rates are high, and now they’ll have to pay
REMIX NEWS
Polish Minister of Finance and Economy Andrzej Domański was asked on Polsat News about the introduction of a tax on extraordinary profits in the banking sector, which has been proposed by some politicians.
“I announced the work currently underway at the Ministry of Finance on a tax that would be borne by the banking sector. (…) We will inform you in the coming days and weeks about the solution we are currently working on at the Ministry of Finance,” the minister said, as reported by Business Insider Polska.
He added that the regulations proposed by the Ministry of Finance assume the imposition of “a certain additional amount of tax on the banking sector.”
“We know that the banking sector is currently generating very high profits. These profits are the result of the National Bank of Poland maintaining high interest rates, (…) which means that profits are emerging there that simply wouldn’t have occurred with lower interest rates,” Domański emphasized.
Domański announced in June of this year that the Ministry of Finance was working on a tax on interest on mandatory reserves held by banks at the National Bank of Poland.
At the time, the minister indicated that this could generate budget revenues of PLN 1.5-2 billion (€325 million to $470 million) in 2026.
Source
Featured image source: https://coinfomania.com/polands-finance-minister-andrzej-domanski-proposes-new-bank-tax-to-bolster-national-budget/
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