PTSB’s Masding warns Dept of Finance over bank levy

Permanent TSB chief executive Jeremy Masding has warned the Department of Finance of the “adverse impact” of the bank levy on its value.

In a letter sent on April 26 to the department’s head of tax policy, Gary Tobin, Masding said the sum that PTSB is required to pay is “wholly disproportionate to the underlying risk and complexity of its business model”, and is “disproportionately higher than that paid by other financial institutions”.