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 according to the following formula:
Minimum Levy: €1,818 plus
Variable Levy calculated as follows:
(A-B) x C
Where:
A = total of firm's '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 1.118%.
Click here to read more on the annual levying process.