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European banks such as RBS have received billions in taxpayers money (Photo: Wikipedia)

Brussels hatches tax plan to make banks pay

The European Commission has come forward with plans to levy a new tax on the region's banks that is designed to protect EU citizens from further banking failures in the future.

Announcing the proposals on Wednesday (26 May), EU financial services commissioner Michel Barnier said bank insolvencies should no longer come at the expense of the taxpayer after national governments poured billions in public money into ailing firms during the early months of the financial crisis.

"I bel...

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European banks such as RBS have received billions in taxpayers money (Photo: Wikipedia)

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