first_img Tags: NULL German bank lobby warns new rules will choke profits and hurt growth Show Comments ▼ Share NEW banking rules and levies aimed at preventing future financial crises will choke profits and may threaten economic growth, the trade lobby for Germany’s big banks said yesterday.The Basel III changes to banking capital rules adopted this month went in the right direction but, taken in context with a raft of other proposed taxes and reforms, vastly increased the burden on lenders in Europe’s biggest economy, said the BDB banking association, which represents top lenders like Deutsche Bank and Commerzbank.“Out of every €10 (£13) in profit there will be only €3 left once taxes and levies are deducted,” association head Manfred Weber said. That projection did not even take into account the possible impact of the new Basel III capital requirements, he said.The Bundesbank said that although the new Basel rules and a planned levy in Germany would crimp revenues at German banks in the short term, compared with before the financial crisis, lenders would also benefit from the increased financial stability that it said would result.Banks would be able to meet the new capital rules without hurting growth, the central bank predicted.“The Bundesbank’s assessment is that German financial institutions will be able to raise the additional necessary capital to meet the capital requirements via accumulated earnings and raising capital if needed, without there being a reduction in debt to the real economy’s detriment,” it said.Germany’s recovery had weakened in the last few months but was still intact, the central bank added. whatsapp center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Monday 20 September 2010 8:57 pm KCS-content last_img

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