Minister McGrath launches Public Consultation on the future of the Bank Levy

The Minister for Finance Michael McGrath TD has today (Thursday) launched a public consultation seeking stakeholder views on the future of the Bank Levy.

Public Consultation on the future of the Bank Levy

The “Further levy on certain financial institutions”, now commonly known as the “Bank Levy” (the Levy), was first announced as part of Budget 2014 as a revenue raising measure which would allow for a contribution to be received from the banking sector towards Ireland’s economic recovery. The Levy has subsequently been extended a number of times, and is now (in an amended form) due to apply up to and including the year 2023.

The Retail Banking Review, carried out by the Department of Finance in 2022, considered the Levy in its report. Further consideration is now being given to the future of the Levy and whether it should be extended, reformulated, broadened or abolished. Responses to this Public Consultation will help inform the Department’s analysis.

The consultation period will run from Friday 7 April until Friday 5 May 2023. Any submissions received after this date may not be considered.

In responding to this consultation you are invited to:

• Give your views on the specific questions set out in part 6 of the document. You do not have to answer every question – you can choose to answer any or all of the questions which you feel are relevant to you.
• Expand your response in particular on the impact of the Levy as it has applied since 2014, whether it or an alternative levy model should continue beyond 2023 and if so in what form and for how long.

How to Respond

The preferred means of response is by email to: BankLevyConsult2023@finance.gov.ie

Please include “Consultation on Bank Levy 2023” in the subject box.

Alternatively, you may respond by post to:

Consultation on Bank Levy 2023,

Tax Division,

Department of Finance,

Government Buildings,

Upper Merrion Street,

Dublin 2

D02 R583

Please include contact details when responding and indicate whether you are contributing to the consultation process as a professional tax adviser, a representative body, a business representative, in an individual capacity, as a non-governmental organisation, or in any other capacity.

Freedom of Information

Responses to this consultation are subject to the provisions of the Freedom of Information Acts. Parties should also note that responses to the consultation may be published on the website of the Department of Finance. Parties should clearly indicate where their responses contain personal information, commercially sensitive information or confidential information which they would not wish to be released under FOI or published.