German Bank Tax Could Have Raised EU2 Billion, Handelsblatt Says

The German bank levy could have collected 2 billion euros ($2.6 billion) over the past year, compared with the 590 million euros it did raise, had it not been capped, Handelsblatt reported on its website, citing Manfred Zoellner, a Social Democratic Party representative.

Contributions from 56 institutions were limited to one- fifth of a bank’s profit, the report said.

To contact the reporter on this story: Allison Connolly in Frankfurt at aconnolly4@bloomberg.net.

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net.