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Germany's Restructuring Fund OrdinanceMarch 2011 The German cabinet adopted on 2.3.2011 the restructuring fund ordinance put forward by the ministry of finance. The restructuring fund act and the new ordinance pave the way for introducing the bank levy. The new ordinance governs certain points which were left open in the act including stipulation for the rates of the levy, specifying the threshold for a reasonable burden and outlining the procedure for collection. The ordinance must be first reviewed and approved by the German parliament before entering into force. Source: Federal Ministry of Finance site. |
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