Analysis: Sinn Féin’s bank levy plans risk reducing competition even further

Doubling bank levy would impact competition between Irish banks and their ability to lend, according to John Cronin, Goodbody analyst

John Cronin, banking analyst at Goodbody Stockbrokers, said that an increase to the levy would have ‘disproportionate adverse consequences’ for PTSB. Picture: Maura Hickey

In a month where Pearse Doherty told the Business Post about Sinn Féin’s plans to reassure multinationals over the prospect of them entering government, the party continues to tread a fine line between appealing to its base and to businesses.

That balancing act is clear in its approach to the bank levy. On the one hand, Doherty called this week for the bank levy to be doubled, following Bank of Ireland’s announcement of an almost €2 billion pre-tax profit.