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IMF says banks should pay for future bailouts

21 April 2010 08:10 (UTC +04:00)

The International Monetary Fund is recommending that banks and other financial institutions pay fees to cover the cost of any future government bailouts, Associated Press reported.

The proposals were requested by the "Group of 20" countries with the largest economies and will be discussed at a meeting of finance ministers and central bank governors in Washington this week. The IMF suggested two ways for financial companies to pay for future rescue efforts.

"Countries’ experience in the recent crisis differ widely, and so do priorities as they emerge from it," the IMF said. "But none is immune" from the risk of a future global financial crisis.

The IMF counseled against unilateral action by governments, saying effective cooperation does not require full uniformity but broad agreement on the principles, including the bases and minimum rates for the two levies.

Governments would then have to approve whatever measures the G-20 ultimately decided on.

The IMF said the report responded to a G-20 request as to "how the financial sector could make a fair and substantial contribution toward paying for any burden associated with government interventions to repair the banking system."

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IMF says banks should pay for future bailouts

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