First contribution on foreign exchange transactions implemented!

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A French bank has decided to set an example by implementing a ‘Voluntary contribution on foreign exchange transactions’, based on studies carried out by the Leading Group – as announced by President of the Crédit coopératif group, Jean Louis Bancel. This initiative is a new breakthrough towards the financial transaction tax defended by the Taskforce of the Leading Group in support of the declaration signed by a dozen countries on 21 September 2010 in New York. It provides an example of the opportunities offered by the FTT: its 0.01% rate will burden the profits of the bank and not consumers, spread across a relatively broad base (commercial operations, proprietary accounts, spot transactions and futures). The product is valued at €100,000 per year and the profits will be allocated to development assistance associations. This is “a first step in building international solidarity on foreign exchange transactions,” stated Pierre Valentin, Deputy Director-General of Crédit coopératif.

To be continued…

15 May 2011

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