Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Deputy. We are collecting revenue from the banks every year in the form of the bank levy. The bank levy is due to end in law at the end of this year but I have made it known publicly that it will be continued into 2024. I am taking the opportunity of the budgetary context to examine the appropriate scope of the levy and its amount. I will lay out on budget day what the response to that is, and will take on board all the points the Deputy and others have made on this matter.

We need a banking system where there is competition. Unfortunately, there are now only three main retail banks in Ireland. Before the global financial crisis, it was more than a dozen. That reduction has been to the detriment of customers and consumer choice. In some respects, the level of profits being experienced are associated with monetary policy and the current funding environment. Those profits may well be temporary in that respect. However, I will consider all the factors and make a decision. I intend to announce that on budget day.