STOCKHOLM (euters) – Swedish Finance Minister Magdalena Andersson said on Saturday the centre-left coalition government would introduce a bank tax to fund greater defence spending from 2022.

“The extra (for defence) for 2022 will be financed by an increase in taxes on the financial sector from 2022,” Andersson told reporters. She said the levy would bring in an extra 5 billion Swedish crowns ($520.56 million) per year. Andersson gave no details on how the tax would be levied.

($1 = 9.6050 Swedish crowns)