Brussels, 04/05/2011 (Agence Europe) - The discussion on the new draft conclusions drawn up by the Hungarian Presidency on the subject of the savings tax directive review, which we said had been included in the EU Committee of Permanent Representatives' agenda on Wednesday 4 May (EUROPE 10369), has been postponed to the next COREPER meeting on 11 May. Ambassadors are expected to again try and find a “reasonable” compromise on this date, which could help to produce some sort of evolution in Luxembourg's position in view of the forthcoming Ecofin Council on 17 May. Luxembourg is refusing to extend the directive's scope to certain life insurance contracts and is demanding that treatment is strictly the equivalent of that applied to Switzerland with regard to savings tax (therefore maintaining banking secrecy). The same optimism, however, does not exist when it comes to the position expressed by Italy, which is still opposing the opening of negotiations with five non-EU countries (Switzerland, Liechtenstein, Andorra, San Marino and Monaco) until the Commission has submitted its report on how the directive currently in force is functioning but which is not expected to be made public until June or July. (F.G./transl.fl)