Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The treatment of for-profit financial institutions and the credit unions is different as a result of these changes. Our banks, correctly, will have to cover the full 100% cost. For credit unions, at the highest point the cost will move up to 50%. It will be a matter for the Minister for Finance of the day to decide when this period comes to an end and to decide the appropriate threshold for the next phase of the levy. I have a clear sense that the appropriate threshold should be and is lower than what our banks are paying at the moment - they pay 100%. I urge the committee to see this change in light of what will be happening with total levies in 2020. Our judgment and analysis indicate that in 2020 there will be a reduction in the levies due to be paid compared to where we are in 2019. While it is correct to say that the industry funding levy will be going up, it will take place at a point when the resolution levy will be coming down significantly. As I mentioned earlier, there will be an open opportunity for the Minister for Finance in 2021 to review the future of the stabilisation levy. My argument and contention to the committee is that, in the round and in light of all the levies that the credit union movement is paying or is due to pay, there is an appreciation of the challenges and pressures the movement faces and of the value the movement has for our economy and society.