Central Bank of Ireland Funding Levy
Thu Oct 1 2020
The Central Bank issued their industry funding levy notices on the 24th of September – levies are based on 2018 accounts.
Since the last levy collection in 2018, the minimum levy has increased from €1,020 to €1,025 with the variable levy rate increasing from 0.32%. to 0.33%. The Central Bank had advised firms last year to set aside an accrual for the 2019 levy and made provision in their accounts and ring-fenced funds to meet the 2019 levy obligation.
Details of how the levy is calculated is available here CB levy calculations
Given the financial circumstances that Brokers are facing the Central Bank have indicated that they will deal fairly with legitimate appeals and will make arrangements in a small number of cases to take payments by instalment where there is evidence of hardship.