It is estimated that the set-up cost of establishing the Competent Authority under EU Regulation 598/2014 will be in the region of €350,000. It is further estimated that when the Competent Authority is making a regulatory determination - which will typically be in five year cycles - the cost of this peak activity will be in the region of €1 million. In years where activity is related to monitoring and reporting only - in other words, the years between each regulatory determination - the running costs will of course be less than this.
It is intended that these costs will be met by a levy that the Competent Authority can impose on the daa. The daa will be liable to pay this levy on a monthly, biannual or annual basis, as determined by the Competent Authority, and it will be based on costs incurred by or reasonably expected to occur in the performance of its functions as the Competent Authority.