Industry Funding Levy Information for Moneylenders
Category G - Moneylenders
In 2018, the Central Bank published CP117 “New Methodology to Calculate Funding Levies payable by Moneylenders” in which it proposed a new levy methodology for moneylenders. This revised calculation methodology which was implemented in 2018 means that moneylenders will be charged a levy comprising a flat element plus a variable element, set as a percentage of reported turnover from regulated activity that exceeds a threshold. These flat and variable elements will be determined annually.
Levy Calculation
The levy for moneylenders will be calculated as set out in Table 1 below:
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Table 1
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Minimum Levy plus Variable Levy
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Moneylenders
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Minimum Levy
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Variable Levy
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G
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Moneylenders
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€1,905
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Variable Levy (V) is calculated as follows:
(A - B) x C
Where:
A = firms’ turnover reported to the Central Bank in section 6.2 of the most recently received Renewal Application for the entity.
B = threshold level of total ‘Turnover’ of €60,000;
C = variable levy rate of 1.169%.
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Firms may calculate their own levy liability by inserted relevant details in the calculator below:
Click here to read more on the annual levying process.