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French, German banks to pay 15 billion euros into resolution fund: French finance minister

France and Germany have agreed that banks in each country should pay 15 billion euros ($18.76 billion) toward a bank resolution fund that would limit the fallout from a banking collapse, French Finance Minister Michel Sapin said on Tuesday.

"We'll have a system of equal weights between France and Germany, even if Germany has a lot of small banks and German authorities want to contribute less, and we have large banks," Sapin told journalists. "(It will be) about 15 billion euros."

He added that the government was working with banks toward the idea of making some of their contributions tax deductible.

[Source: Reuters, Paris, 04Nov14]

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