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MILAN, Sept 20 - The surprise bank tax Italy's government introduced in August has no major impact on UniCredit's earnings, but the uncertainty it stoked is damaging, Chief Executive Andrea Orcel said on Wednesday.
However, banks provide products such as money market funds or term deposits for depositors to invest their cash in, where they can get higher returns."The current account is a service you use to pay your bills ... clients care about the fees we charge and we have cut those, we cut 240 million euros in fees."
"The bank tax in terms of numbers is not going to have a very meaningful effect, our [capital] distribution [for 2023] is confirmed in excess of 6.5 billion euros and that's it," Orcel said.
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UniCredit CEO says no big impact from bank tax, but uncertainty harmfulThe surprise bank tax Italy's government introduced in August has no major impact on UniCredit's earnings, but the uncertainty it stoked is damaging, Chief Executive Andrea Orcel said on Wednesday. Addressing a financial conference, Orcel also said the debate over deposit rates, which has seen banks come under attack for not passing on higher interest rates to savers, was misguided. UniCredit is currently passing on between 20% and 25% of higher rates to Italian depositors, he said, less than anticipated.
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UniCredit CEO says no big impact from bank tax, but uncertainty harmfulMILAN (Reuters) - The surprise bank tax Italy's government introduced in August has no major impact on UniCredit's earnings, but the uncertainty it ...
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