“Throughout this crisis, EU governments put the interests of bank bondholders over those of taxpayers. This has eroded market discipline, imposed unnecessary and unfair burdens on EU taxpayers and shielded bondholders from the consequences of the risks they undertook. The Commissions’ proposals today will help draw a line under this costly policy mistake.”
“The crisis exposed the lack of a fair, predictable and market stabilizing burden sharing regime for both sovereign and bank bondholders. This proposal plugs a part of that gap.”
“A bondholder bail-in regime, properly implemented, can be good for financial stability, taxpayers and even for bondholders themselves if it protects against value destroying bank runs and bankruptcy.”
“Proposals to bail in or haircut bank bondholders can help 1) improve market discipline 2) bring about fairer burden sharing 3) protect taxpayers 4) stabilize the EU financial system.”
Please click below to see an archived webcast of the European Parliament Testimony of Re-Define Managing Director Sony Kapoor on Financial Transaction Taxes. This hearing was conducted by the full ECON committee on the 2nd of December 2009.
2 hours 35 min ago —
To undermine everyone else? “@michaelhewson: *FAYMANN SAYS AUSTRIA WILL WORK CLOSELY WITH LUXEMBOURG ON TAX”
2 hours 45 min ago —
#TaxHaven reform is critical for those who care abt 1 #Corruption 2 #CapitalFlight 3 #WelfareState 4 #Development 5 #FinStability 6 #Crime
2 hours 55 min ago —
Agreed! “@DPJHodges: Labour letting Ed do a power-point presentation is like No.10 letting Cam do a photo op sitting on a horse.”
3 hours 6 min ago —
If you need to invoke #morality to ensure that companies pay their taxes and banks act sensibly, you have a problem, not banks & companies!
3 hours 30 min ago —
Criticism of #Apple & #Starbucks notwithstanding, I am one of those who believes that the #TaxAvoidance prob is a failure of govts not corps
