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US President Obama's plans to tax banking liabilities are appropriate for the United States while France's steps are suited for its domestic situation, French Economy Minister Christine Lagarde said on Friday.
Lagarde hailed a proposal by the Obama administration to make Wall Street banks pay up to $117 billion to reimburse taxpayers for the financial bailout, after the US president slammed bankers for their "massive profits and obscene bonuses."
Speaking to reporters on Friday, Lagarde said: "The plan that has been announced by President Obama was described to me by Mr Geithner, secretary to the US Treasury, and it is a very, very solid and good move in relation to the banks."
"It is appropriate because massive funding was made available ... it is only fair that the support that was extended at that moment of critical difficulties be refunded when the situation improves," she added.
The US moves, which Washington is keen to see replicated in other countries, was the right solution for the United States, she said, adding that France faced different problems.
"The tax we put in place on bonuses along with Britain is the most efficient response to the French system," she added. The French government has said it plans to put a 50 percent tax on traders' bonuses of above 27,500 euros ($39,670) but has not published the total amount of revenue it expects to receive.
Lagarde has said the French tax was justified by the government aid given to banks last year and that she would look for evidence they used moderation in handing out bonuses.
Britain has announced a 50 percent levy on banks paying bonuses of over 25,000 pounds ($40,850) and Finance Minister Alistair Darling has said it should bring in 550 million pounds.

Copyright Reuters, 2010

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