France and Germany have agreed that the banking sectors in each country should pay 15 billion euros ($19 billion) toward an EU fund designed to limit the fallout from a banking collapse, French Finance Minister Michel Sapin said on Tuesday. "We'll have a system of equal weights between France and Germany, even if Germany has a lot of small banks and German authorities want to contribute less, and we have large banks," Sapin told journalists. Although Sapin said the French government was working with banks toward the idea of making some of their contributions tax deductible, large French banks were concerned they could end up footing the biggest bill if contributions were set according to scale. Francois Perol, chairman of France's cooperative lender BPCE and the head of a French banking association, said that his association hoped to press the French government to lower the contribution amount.
via Business News http://ift.tt/1xWAf2w
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