Austria to examine bank secrecy rules

Austrian chancellor says country ready to discuss ending bank secrecy rules with EU

Associated Press

VIENNA (AP) -- Austria is ready to loosen bank secrecy rules regarding foreign holdings in the country's banks, in a move that would bring it into line with most of its partners of the European Union.

Chancellor Werner Faymann says the country will join Luxembourg for talks with the EU on how to close certain tax evasion loopholes. Most EU nations already share information under the EU Savings Directive, including the interest paid on cash parked in foreign banks.

Faymann also says Tuesday that any such move will not result in tougher disclosure rules for Austrians with money in domestic banks.

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