It should also be limited to a single year

The 2009 French bankers bonus will be heavily taxed. Like the City Wednesday, the new caused a great stir on the place de Paris, yesterday. As Gordon Brown, Nicolas Sarkozy is determined to take a strong symbolic action to encourage banks to moderation, while European governments fear strong popular reactions to the announcement of important bonus for traders. The Elysee, it recalls that the head of State, when he had met officials of the banks on August 25, was the first proposed "the establishment in all financial markets of a tax on the distributed bonuses including the product feed the deposit guarantee systems." "The main reason for which it has not done previously, it was competition from London." From the point where the United Kingdom starts, the risk of starting of Parisian traders is very content. "And we argue that Europe follow", indicates in the Elysee Palace.

Terms and conditions set

The France, however, is suspicious of his new ally, which explains why the specific terms of the taxation remain to be defined. The objective is to achieve equivalent taxation of bonuses with fixed election, i.e. 50. But Bercy does not, at this stage why the British Government expects "that" 550 million pounds of revenue by taxing bonuses above 25,000 books (27.500 euros), a found very low threshold. Paris therefore wants to assess the terms and conditions of this taxation before setting his own: base (bonus guaranteed, discretionary bonus), institutions concerned, etc. Another key element: the effort applied to the banks of the two countries should be comparable. However, the French settlements are a tax on the salaries of about 10 on average (the rate is progressive with the level of remuneration), unlike the British, and they will have to contribute more to the Fund of guarantee of deposits (to the tune of approximately EUR 200 million). Not to mention the obligation to bear the cost of their regulation by the new supervisory authority.

In the end, the exceptional tax rate may be less than 50, even if Paris could show the overall level of collection (including for example the tax on salaries). One thing is certain, it will be the responsibility of the company. And the threshold should be the same: beyond 27,000 euros. It should also be limited to a single year. Also a solution to the study would be that the recipe for this tax fuels Fund of guarantee of deposits (as proposed late August), which could reduce the contribution requested from the banks. The President of the commission on the Finances of the National Assembly, Didier Migaud (PS), yesterday urged the Government "to act", such as London, rather than "talk" and "follower".

By the voice of Georges Pauget, General Manager of Crédit Agricole, the bankers were yesterday more than reserved about this new measure. "How to encourage banks to maintain own funds, it is not to collect more taxes." "This is to encourage them to keep the money, so I think that the measure does not have full coherence," he said on Europe 1, recalling that the French banking community had "reformed the system of the bonus in France since February 2009. French bankers reminded the envi that they are the only strictly applied the rules of the G20 in bonus and that, unlike some British banks, the French have not benefited from a public bailout plan, and that they were for the most part refund received aid. "For the competitiveness of the European places, should be at least 27 countries of the Union to adopt a similar measure", hope a banker. Another concern: who will be concerned The only traders or all of the numbers "If the threshold was effectively set at 27,000 euros of variable on the year, it relates many frameworks and commercial bank network, while they have nothing to do with the financial crisis", said Jean-Marie Gianno, administrator employee to the Board of BNP Paribas.