Industry Funding Levy Information for Credit Institutions 

Category A1

Irish authorised Credit Institutions (including relevant credit institutions authorised pursuant to section 9A of the Central Bank Act 1971)

Each credit institution in this sub-category shall be liable to pay an Industry Funding Levy consisting of the sum of a minimum amount and a variable amount as set out in Table 1 below:

  Table 1
  Minimum Levy plus Variable Levy  
  Credit Institutions Minimum Levy Variable Levy
A1  Irish authorised credit institutions

 

 

 

 

 €178,142

Variable Levy (V) is calculated as follows:

V =[(S+G)* 50%]* C

Where:

S= the credit institution’s percentage share of the sum of total assets for category A1 (based on the credit institution’s report in FINREP template F01.01 row 380 for the period 31 December 2022[1]);

G = the credit institution’s percentage share of the sum of total risk exposure for category A1 (based on the credit institution’s report in COREP template C02.00 row 010 for the period 31 December 2022);

C= the proportion of total variable amount for category A1

The values of S, G and C relevant to their levy calculations will be communicated directly by the Central Bank to each credit institution.       
 

[1] For credit institutions whose year-end is October, data for the period 31 October 2022 will be used. For entities whose year-end is March, data for the period 31 March 2022 will be used; 

Note:  The funding requirement relates principally to the recovery of 2022 costs but is adjusted for balancing items and deferred income from previous years and such other approved adjustments. 

Category A2: Credit Institutions authorised in another EEA state which have established a branch in Ireland

Category A3: Credit institutions authorised in another EEA state operating in Ireland on a Freedom of Services basis

Credit institutions within sub-categories A2 and A3 are obliged to pay a flat rate levy of €29,500 as set out in Table 2 below.

Table 2

Credit Institutions authorised in another EEA State

Minimum Levy Payable

A2

Credit Institutions authorised in another EEA state which have established a branch in Ireland

€29,500.

A3

Credit Institutions authorised in another EEA state operating in Ireland on a Freedom of Services basis.

No levy invoices will be issued.

Credit Institutions – Supplementary levies

Credit institutions (where appropriate) will continue to be liable to pay supplementary levies to the Central Bank for the purposes of providing sufficient funds to recover costs arising from :

  1. The conduct of activities relating to inquiries under Part IIIC of the Central Bank Act 1942;
  2. The exercise of the Central Bank’s powers under Part IIIC of the Central Bank Act 1942 in relation to tracker mortgage investigation and related issues; and
  3. Significant changes to business models and/or activities.  No such charge arises in the context of Levy 2022 billing cycle.

These supplementary levies will be set out in separate levy invoices sent to relevant credit institutions
Click here to read more on the annual levying process