The presentation of an annual banking levy will cost it EUR40m (USD53.9m) a year for the following three years. This is estimation made by the Bank of Ireland Group.
Provisions for the introduction of a levy on the banking sector are made in the Irish Finance Minister’s 2014 Budget, charged on the same basis as the previous levy in force from 2003-05. This levy will be applicable from 2014 to 2016, inclusive.
The contribution required by each financial institution will be based on the amount of tax paid on deposit interest in 2011.
