The Irish Banking Culture Board has said there is “merit” in extending the lifespan of the banking levy, taking a stance at odds with members who have highlighted challenges posed by the charge
“We consider there is merit in further extending the levy, on the proviso that it is applied to a wider cohort of institutions to reflect the changed market composition of banking in Ireland and in accordance with the objective of achieving a level playing field within the sector,” the IBCB said in a submission to the Department of Finance, in a clear reference to nonbank finance firms that have entered the market in recent times.
The culture board said that funding generated by any levy on the wider banking sector could be directed towards “both improving levels of financial literacy in Ireland and protecting financial access, thereby delivering a real societal contribution to current and future generations of the Irish public”.
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