Introduction 

What is the Credit Institutions Resolution Fund Levy?

This Resolution Fund has been designed to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution.

On 27 September 2018, the Minister for Finance made Regulations – the Credit Institutions Resolution Fund (Amendment) Levy Regulations, 2018 (2018 Regulations) – which amend and update the 2012 Regulations and provide for contributions by authorised credit institutions to the Credit Institutions Resolution Fund (“Resolution Fund”) pursuant to Section 15 of the Central Bank and Credit Institutions (Resolution) Act, 2011.

Who is liable to pay?

The 2012 Regulations (as updated by the 2018 Regulations) require every person who, on 1 October 2018, is an authorised credit institution described in column (2) of the Schedule to the 2012 Regulations to pay a levy in respect of the levy period to the Central Bank of Ireland ("Central Bank") for the account of the Resolution Fund.This includes all banks, building societies and credit unions licensed in Ireland with the exception of institutions covered by the Credit Institutions (Stabilisation) Act, 2010.  

How will the levy be calculated? 

The amount of levy payable by an authorised credit institution described in column (2) of the Schedule to the 2012 Regulations shall be calculated by applying the multiplier set out in column (3) of this Schedule[1] for the relevant category of authorised credit institution. 

When is the levy payable? 

An entity that is liable to pay the levy by virtue of these Regulations in respect of the levy period shall make such payment to the Central Bank not later than 28 February 2019.  After this date, interest will be charged on any outstanding levy at a rate of 8 per cent per annum.

What happens next? 

In January 2019, the Central Bank will notify each credit institution of the amount of the levy payable to the Credit Institution Resolution Fund based on returns previously submitted to the Central Bank.  As outlined above, however, the basis for levy calculation is set out in column (3) of the Schedule to the 2012 Regulations [1] and individual credit institutions are responsible for the remittance of the correct amount to the Central Bank.  Each credit institution is, therefore, advised to review the levy notice in conjunction with the Levy Regulations, ensure that the amount of the levy has been calculated correctly and make arrangements to remit the relevant amount to the Central Bank.

Payment of the Credit Institutions Resolution Fund Levy 

How can payment of the levy be made?

By Electronic Funds Transfer

Payments details for Electronic Funds Transfer are as follows: 

Account Number (IBAN):            IE40 DABA 9519 9010 0038 75

Bank Identifier Code (BIC):        DABAIE2D

The payment reference must include at least one of the following details: account number and/or invoice number.  If this information is not submitted, the Central Bank of Ireland may be unable to allocate the payment in which case it will be returned at the sender's expense.

Legislation

Regulations

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2018 S.I. No. 382 of 2018

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2017 S.I. No. 433 of 2017

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2016 S.I. No. 499 of 2016

Credit Institution Resolution Fund Levy Regulations 2015 S.I. No. 421 of 2015

Credit Institution Resolution Fund Levy (Amendment) Regulations 2014 S.I. No. 446 of 2014

Credit Institution Resolution Fund Levy Regulations 2013 S.I. No. 376 of 2013

Credit Institution Resolution Fund Levy Regulations 2012 S.I. No. 381 of 2012

Credit Institution Resolution Fund Levy Regulations 2012 S.I. No. 443 of 2012

Contact Us 

How to contact us

For queries on the Credit Institutions Resolution Fund Levy, please contact:

Credit Institutions Resolution Fund Levy
Billing & Collections
Financial Control Division
Central Bank of Ireland
P.O. Box 9708
Dublin 1

Tel: + 353 1 224 4022

resolutionlevy@centralbank.ie

[1] As amended by the Credit Institutions Resolution Fund Levy (Amendment) Regulations 2012 (S.I. No. 443 of 2012) and the Credit Institutions Resolution Fund Levy (Amendment) Regulations 2017 (S.I. No. 433 of 2014).