ECB may follow US in levying banks

THE European banking sector could face a major levy from the ECB to pay for its massive bailout following the banking crisis.

On Thursday, US President Barack Obama warned his administration will seek to impose a hefty levy on the major US banks to recoup the cost of the support given during the crisis.

Obama said he intended to recoup every dime owed from the Troubled Asset Relief Program. Such a levy could raise $90 billion (€62bn) from the 50 largest institutions in the US, including those with foreign operations in the country.