Banks Must Put Up with Levy in Short Term, Says Rbs Boss ; 'They Need to Accept They Became Over-Confident'
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Summary
BANKS cannot complain about having to pay a banking levy because of the degree of public support they have received both before and after the banking crisis RBS chief executive Stephen Hester said yesterday.
"The financial crisis showed there was a degree of implicit public subsidy of the banking system which became explicit and that's wrong, and in the short term having a tax to make up for it is hard to complain about," he said in an interview with the Western Mail.See the full content of this document
Extract
Banks Must Put Up with Levy in Short Term, Says Rbs Boss ; 'They Need to Accept They Became Over-Confident'
"The right solution in the medium term is for the banks not to have any public subsidy and that's what the regulatory reform is all about - not to have any tax."
He ...See the full content of this document
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