Dáil Éireann Debate, Tuesday - 6 October 2015
274. Deputy Thomas P. Broughan asked the Minister for Finance the discussions that have taken place between his Department, the Central Bank of Ireland, the regulatory authority and the Professional Insurance Brokers Association regarding the planned increase in levies payable by insurance broker intermediaries. [34533/15]
View answerEvery year, in order to cover the costs of financial regulation, the Central Bank prescribes levies to be paid by entities subject to such regulation. In August of this year, the Central Bank of Ireland met with industry representative bodies, including the Professional Insurance Brokers Association (PIBA), to advise them of proposed levies, rates and bands for 2015. This is part of the Bank's normal annual communications process in which proposed levies, subject to Ministerial approval, are pre-notified to industry bodies.
PIBA requested a further meeting with the Central Bank to discuss their concerns over the increase in 2015's proposed levy rates. Officials from the Central Bank held discussions with PIBA representatives on the 14th and 22nd September. On 30th September, the Central Bank contacted PIBA by phone to notify them of a change in the calculation of the proposed levy, details of which were published on the Central Bank's website that day. This change in calculation partially mitigates the proposed increases.
On 30th September, officials from my Department met with industry representatives, including PIBA, in order to hear their concerns on the proposed increase in levies payable by their members.
Under Section 32D of the Central Bank Act 1942, the Central Bank is required to seek my approval for the Regulations prescribing these levies. I have not yet made any decision under Section 32D on the 2015 levies that will be applied by the Central Bank.
