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UniCredit CEO says no big impact from bank tax, but uncertainty harmfulThe surprise bank tax Italy's government introduced in August has no major impact on UniCredit's earnings, but the uncertainty it stoked is damaging, Chief Executive Andrea Orcel said on Wednesday. Addressing a financial conference, Orcel also said the debate over deposit rates, which has seen banks come under attack for not passing on higher interest rates to savers, was misguided. UniCredit is currently passing on between 20% and 25% of higher rates to Italian depositors, he said, less than anticipated.
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