trending Market Intelligence /marketintelligence/en/news-insights/trending/issgyUvHoV6mDG6zWN2CqQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Report: Lithuania plans bank levy to fund social spending

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


Report: Lithuania plans bank levy to fund social spending

Lithuanian Prime Minister Saulius Skvernelis plans to impose a levy of up to 0.4% on bank assets to finance social spending, Bloomberg News reported Oct. 9.

Skvernelis is looking to implement the levy as early as 2020, a move the Lithuanian Banking Association warns would hike mortgage costs and hamper economic growth. The proposed plan still needs to be submitted to the parliament, with specific details to be provided later, according to the report.

Swedbank AB (publ), Skandinaviska Enskilda Banken AB and Luminor Group AB are currently the biggest lenders in the country and the levy is expected to impact them the most, the report said, adding that the lenders declined to comment on the situation and said communication is currently being carried out through the banking association.

The country's central bank believes a tax on assets instead of performance could be detrimental to financial stability in case of an economic downturn and is demanding that it be consulted on the matter, the newswire reported.

Lithuania is not the first country in eastern Europe to consider such a move. Romania announced a surprise bank tax in December 2018 to support its plans of raising €2.1 billion to reduce its budget deficit but later watered it down after it led to a stock market rout and became a threat to its national rating.

In Poland, a 0.44% annual levy was introduced in February 2016 after the right-wing Law and Justice party came to power and Hungary took a similar step. Both Poland and Hungary are being asked to reconsider the levy to help boost credit supply in the countries.

In the Nordics, Sweden plans to implement a bank levy on lenders' assets from 2022 to help fund increases in defense spending despite a previous attempt at introducing the levy, which failed due to concerns around it disrupting competition and breaching European Union rules.