Banks object to Hungarian tax plan

BRUSSELS and BUDAPEST - Banks with subsidiaries in Hungary have responded with angry letters to the Hungarian government's bank tax proposal.

Banks can respond swiftly to a suddenly changing business climate, bankers say, quoting the example of HSBC. One of the world's largest financial institutions, the Hong-Kong based bank moved out from one day to another when the island returned to Chinese control.

Similarly, in their first reactions to the Hungarian government's bank tax prop...