Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have an amendment later but I will not speak to it because it is broadly in line with what we are discussing here. My amendment looks for a report and I am conscious that work is being done in the Department. The report has not been published yet. The Minister has said that he will possibly consider the scope of it over 2024 or 2023. When will the report be published?

One of the things I have sought is a report on the banking levy, particularly the effective rate of the levy relative to the net interest income in operating profits of in-scope credit institutions in each of the years since its introduction, and the effective rate of equivalent levies in EU member states relative to the same basis. I ask for that because the report calls for information that has not been provided in the public consultation document with respect to the effective rates of the levy relative to appropriate bases such as net interest income and operating profits compared with equivalent EU jurisdictions. I think that is a gap in terms of the information that should be there around the banking levy. I invite the Minister to comment on this matter. He has said that €200 million is not an insignificant number and I agree with him. I contend that €150 million was not either but that amount was being applied to the banks when their profitability was less than half of what it is today. The banks are making over €5 billion of profit and, therefore, a proportional increase would be more in the line of €400 million.

I have asked a couple of questions on the gap of information that we have in terms of the effective rate of the levy relative to net interest rates and operating profits in each of the years, and relative to equivalent levies in different EU member states but relative to the same bases. The Department has completed its consultation. Will the findings be published at some stage or did I miss it?

The Minister has said that he will consider the scope of this and whether other institutions should come in within the scope of the levy. Can he indicate his intentions as to the duration of this levy? Does he believe this is a short-term levy or a more permanent levy regarding the financial institutions?