Agenda Profile: Rain Epler
Draft resolution "Proposal to the Republic of Estonia's Government regarding the introduction of a temporary solidarity tax on the banking sector" (487 OE) – first reading
2024-10-22
15th Riigikogu, 4th session, plenary session
Political Position
Both speakers strongly support the introduction of a temporary solidarity tax on the banking sector, viewing it as a tool for taxing extraordinary profits and improving budgetary balance. Speaker B emphasizes that the bill aims to force banks to pass interest rate hikes onto depositors more quickly, utilizing a political framework to ensure economic fairness. Speaker A focuses on broadening the financial debate and the question of expert credibility.
2 Speeches Analyzed
Topic Expertise
Speaker B demonstrates a detailed understanding of banking's financial mechanisms, explaining the differing speed at which the Euribor hike is passed on to borrowers versus depositors, as well as the rationale behind the generation of windfall profits. Specific economic terminology is employed, and reference is made to potential revenue (the opportunity to earn hundreds of millions of euros). Speaker A shows awareness of the role of financial analysts and their potential bias.
2 Speeches Analyzed
Rhetorical Style
Speaker B’s style is combative and critical, utilizing powerful narratives (the meeting of bankers at Stenbock House) and accusing the coalition of demagoguery. Speaker B appeals both to logic (the Lithuanian example, economic figures) and to emotion (the unequal treatment between depositors and borrowers). Speaker A, on the other hand, is more investigative and slightly humorous, focusing on broadening the scope of the debate and casting doubt on the reliability of the sources.
2 Speeches Analyzed
Activity Patterns
Speaker B's faction submitted the draft bill in question more than a year ago ("last summer"), which points to long-term and consistent activity in championing this issue. Both speakers are actively participating in the ongoing Riigikogu debate, referencing recent events and discussions (e.g., Finance Minister Ligi's statements "yesterday").
2 Speeches Analyzed
Opposition Stance
Strong opposition is directed towards the governing coalition and former Prime Minister Kaja Kallas, who are accused of favoring the banking sector and making backroom deals ("The deal was done"). The coalition's contradictory logic regarding tax increases is being criticized (they are raising other taxes, but not the banking tax). Speaker A also criticizes Finance Minister Jürgen Ligi's stance regarding the credibility of experts.
2 Speeches Analyzed
Collaboration Style
Speaker B stresses the importance of finding allies and speaks favorably of the Center Party's support, as well as the earlier backing from the Social Democrats, for the idea of a bank levy. This demonstrates a willingness to cooperate with factions that share a similar political objective.
2 Speeches Analyzed
Regional Focus
The focus is on international comparison, highlighting Lithuania as a successful model for implementing a bank tax in order to justify its introduction in Estonia. Speaker A references an article written by an analyst at Lithuania's SEB Bank.
2 Speeches Analyzed
Economic Views
Support is given for taxing windfall profits in the banking sector to achieve budget balance and to steer banks towards raising deposit interest rates faster. Criticism is directed at banks that earned extraordinary profits by instantaneously passing the rise in Euribor on to borrowers while keeping deposit interest rates low. The tax is viewed as a regulatory tool for influencing bank behavior.
2 Speeches Analyzed
Social Issues
Not enough data
2 Speeches Analyzed
Legislative Focus
The main legislative focus is the draft bill (487 OE) establishing a temporary solidarity tax for the banking sector, which was introduced by Speaker B's faction. The goal is to use this law to guide the banks' mindset and activities, thereby preventing the generation of extraordinary profits at the expense of depositors. Speaker B calls upon the coalition members to cease their demagoguery and support the draft bill.
2 Speeches Analyzed