The Austrian government is to introduce a €500 million (around $679 million) bank tax, possibly as early as 2011, media reports have said, a move that has been described by Finance Minister Josef Pröll as a “question of justice”.

The measure is similar to the levies imposed on banks by the UK and US governments, reacting to public anger over bank profits, state bailouts for banks and high executive pay.

Austria’s chancellor Werner Faymann has confirmed that the introduction of a bank levy is now inevitable, with or without backing from the European Union regarding a Europe-wide tax.

Among the largest banks in Austria are Erste Bank, RZB, Bank Austria and ONB.

Mr Faymann has made known that the new levy could be introduced from as early as 2011. Determined to consolidate the country’s budget, Mr Pröll is eager to implement the new levy as quickly as possible.

Proposals put forward by Mr Faymann include imposing a levy of between 0.07 per cent and 0.1 per cent on the taxable base. Mr Faymann has proposed generating a volume of around €500 million annually, reports said.