Tuesday, 17 July 2012

Questions (105)

Pearse Doherty


109 Deputy Pearse Doherty asked the Minister for Finance the levies paid by money lenders to the Financial Regulator in 2011; the expected revenues to be paid by money lenders to the Financial Regulator for 2012; the rates and method to calculate the rates charges on money lenders in each year; and if he will make a statement on the matter. [34874/12]

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Written answers (Question to Minister for Finance)

I have been informed by the Central Bank that a total of €341,801 was paid in levies by moneylenders to the Financial Regulator in 2011. It is expected that moneylenders will pay levies in the order of €300,000 in 2012. The Central Bank utilises a cost allocation model, developed by external consultants in 2004, to establish the cost of regulating each industry funding category. This model, which is reviewed and updated on an annual basis, allocates costs to industry categories on the basis of detailed estimates from individual supervision divisions of the expected deployment of available resources.

Based on this model, the total amount of levies payable by moneylenders is equivalent to 50 per cent of the budgeted cost of financial regulation of that sector.