Budget 2024

Bank levy: ‘Arbitrary’ increase threatens Ireland’s reputation, BPFI says

Michael McGrath announced a 'revised’ hike for 2024, which aims to raise €200m

Michael McGrath, the Finance Minister, and Brian Hayes, chief executive of the BPFI. The lobby group is annoyed by the government’s decision to effectively double the bank levy. Picture: Fergal Phillips

Ireland’s lenders have hit out at what they call “arbitrary” increases to the bank levy announced in the budget, as part of which the government has more than doubled the amount it wants to raise from the sector.

Michael McGrath, the Finance Minister, today announced a “revised bank levy” for 2024, which aims to raise €200 million in the period.

The bank levy was implemented after the crash and aimed to recoup from lenders some ...