German Finance Minister Wolfgang Schaeuble expects the bank levy introduced in 2011 to generate less in 2012 than it did last year, Handelsblatt reported, citing a letter to lawmakers.
Revenue from the levy probably will drop to 500 million euros ($657 million) in 2012 from 590 million euros a year earlier because of weaker economic growth as a result of the region’s debt crisis and banks’ writedowns on their exposure to Greece, Handelsblatt said.
The government forecast in 2010 that the levy would produce 1.3 billion euros in revenue annually, the newspaper said.
To contact the reporter on this story: Jana Randow in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Craig Stirling at email@example.com