Canadians are siding with their banks when it comes to the proposed global bank tax.
More than three-quarters (76%) of respondents to a Strategic Counsel poll conducted for the Canadian Bankers Association (CBA) agree that Canada’s banks shouldn’t be subject to the proposed global tax aimed at paying for any future bailout of the financial system.
Those against the tax agree it unfairly punishes Canadian banks that remained stable throughout the financial crisis. About 85% said that Canada’s financial institutions should not be required to pay for the mistakes in the U.S. and Europe that led to the near collapse of the global financial system.
The survey found that Canadians are also concerned about the impact any new international banking regulations will have on banks in Canada. About 80% of respondents felt Canadian institutions should not be put at a disadvantage as a result of new regulations.
“We hope that the upcoming G20 meeting will focus on developing effective, even-handed regulations that will prevent a repeat of the global financial crisis,” said Nancy Hughes Anthony, president and CEO of the CBA. “Those who are in favour of a bank tax see this as a way to recoup the costs of bank bailouts in other countries…What is important is stability in the financial sector and good risk management, which you do not get by imposing a tax on financial institutions.”