Dáil Éireann Debate, Thursday - 23 January 2014
48. Deputy Pearse Doherty asked the Minister for Finance the number of financial institutions that are subject to the bank levy of budget 2014; the number that are not; if he will provide in tabular form a list of all financial institutions subject to the bank levy of budget 2014 and a table of those not subject to it; and in both tables if he will list the reasons each institution is or is not subject to the levy. [3280/14]
View answerI am informed by the Revenue Commissioners that there are 13 financial institutions subject to the bank levy introduced in Finance (No 2) Act 2013. A further 6 financial institutions are excluded from the levy because their deposit interest retention tax for 2011 is below the de minimis threshold of €100,000. The legislation governing the bank levy is contained in Section 126AA of the Stamp Duties Consolidation Act 1999 (inserted by Section 72 of Finance (No 2) Act 2013. It provides that a "relevant person" is chargeable with the bank levy. A "relevant person" is a person who in the year 2011 held a licence granted under section 9 of the Central Bank Act 1971 or who held a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section; or was a building society within the meaning of the Building Societies Act 1989 or a society established in accordance with the law of any other Member State of the European Communities which corresponds to that Act; and was obliged pay Deposit Interest Retention Tax in excess of €100,000; and who, in 2013, is carrying on a trade or business in the State.
Where a relevant person succeeded to the business carried on by another relevant person, that successor is subject to the bank levy. The Revenue Commissioners inform me that they are not in a position to disclose the names of the financial institutions subject to the bank levy, as this is taxpayer information and is confidential in accordance with Section 851A of the Taxes Consolidation Act 1997.
