Italy is not the first country in the EU in which the high profits of the banks are arousing the covetousness of the tax authorities. For the time being, financial institutions in Spain and Hungary also have to pay a higher share to the state.
Some analysts expect more. Experts at Italian bank Intesa Sanpaolo estimate profits from the interest differential business could exceed 13.5 billion euros this year. Bank of America analysts calculate the new tax could cost banks between two and nine percent of their profits.Revenues from the new tax will be used to help mortgage borrowers and to reduce levies.
The ECB's higher policy rates have given banks record profits, as lenders have been able to raise the cost of credit while deposit rates have risen more slowly and less sharply.There was a discussion in Germany some months ago that higher deposit rates at the European Central Bank were strengthening banks' balance sheets while reducing central banks' profits.
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