The combined effect of 10 new taxes on banking across the EU will cut ING’s net profit by 21%, the Financial Times reports on Monday.

The paper has had access to a report on the likely effect of the changes, drawn up for a European Council meeting last month by BvD Bankscope.
The report says France’s Crédit Agricole will be the hardest hit by the new taxes, which could absorb as much as 24% of pre-tax profits.
The paper says banks themselves dispute the probable effect of the taxes.