Basel banking committee chairman says no to bank tax

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FT story in which Basel committee on banking reform chairman Nout Wellink says the bank tax idea must wait until capital and liquidity rules are toughened, something the committee expects to have passed by year's end.

Of the tax idea, Wellink says:  "I doubt whether this is a good idea.  It's born out frustration.  There are strong political motives behind it."

Wellink's committee is the group that passed the landmark Basel II accords on banking in 2004.