Queen's University

Global bank tax

2010-04-27

Queen’s University School of Business professor Louis Gagnon is available to talk about the global bank tax proposed by the International Monetary Fund. This is a hot topic as G20 financial officials meet today and tomorrow in Washington D.C.

“The bank tax is a bad idea. It is counterproductive. The tax won't address the real problem: irresponsible risk-taking, excessive leverage, ineffective bank supervision and lack of accountability on the part of banks and rating agencies. Our finance minister is right in opposing it and he must not yield an inch on this issue when dealing with G-20 finance ministers. Why should our banks pay for foreign banks' reckless behaviour?” says Professor Gagnon. “A tax would give taxpayers a false sense of security. The tax would penalize banks that engage in sound businesses and that keep their risk taking in line with their risk appetite.”

Professor Gagnon (who speaks French and English) is an expert on capital markets and risk-management. He developed risk-management methodologies and policies during his stint in senior management at the Royal Bank of Canada.

To arrange an interview, please contact Michael Onesi at 613.533.6000 ext. 77513 or michael.onesi@queensu.ca, or Kristyn Wallace at 613.533.6000 ext. 79173 or kristyn.wallace@queensu.ca at News and Media Services, Queen’s University in Kingston, Ontario, Canada.

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