Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I will respond briefly. The banking levy was retained and the Senators are seeking a report on the rate of the levy relative to the net interest income and operating profit for all in-scope institutions since the levy was introduced. It is, therefore, important to point out that it would not be possible to produce a report as requested within that timeline. Credit institutions licensed by the Central Bank do not necessarily have to publish net interest income on a sub-consolidated basis. Prior to the amendments made in the Finance (No. 2) Act 2023, the levy had a wider application and some in-scope banks only reported net interest income on a consolidated basis, with no breakdown available for their Irish subsidies. Therefore, any such historical analysis, as suggested by the Senators, would be incomplete.

With regard to the defective concrete blocks grant scheme, that measure is under the remit of the Minister for Housing, Local Government and Heritage. However, the Minister, Deputy Chambers, and I note that the revenue raised by the bank levy is not hypothecated and the annual yield contributes to the general Exchequer. Therefore, I do not intend to accept this recommendation.