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

Likewise, I acknowledge that today is a difficult day for former employees of Ulster Bank. This is a bank that had been present in Ireland for many decades. I am sure many of the staff who are now, unfortunately, losing their jobs never thought they would be in a position where a bank that they had worked for for so long would be departing. I acknowledge the difficult nature of today for many of them.

In terms of the bank levy and the future of it, the Deputy makes a fair point that the assets and liabilities of the exiting banks will be transferred over to the remaining three banks. That will impact on their scale and profitability. I believe we are at a point where we need to review the operation of the bank levy in advance of budget 2024. I have asked my officials to do that to assess what should be the design of the levy and what should be the level of revenue that we are aiming to receive from it in light of the changes that are taking place.

The Deputy and I differ in relation to this. I believe that the decision to exclude Ulster Bank and KBC from the levy in light of them winding up here in our country was the appropriate decision but I believe it is equally appropriate now to assess the operation of the level in advance of next year's budget.