Industry Funding Levy Information for Payment Institutions and E-Money Institutions
Category N - Payment Institutions and E-Money Institutions
In 2021, following a consultation process, the Central Bank implemented a new methodology for the calculation of levies payable by payment institutions and e-money institutions. For further details, please see CP137 - Consultation on New Methodology to Calculate Funding Levies payable by Payment Institutions and E-Money Institutions and Feedback Statement.
Each payment and e-money institution that has been authorised by the Central Bank shall be liable to pay a levy combining a flat rate and variable element 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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Payment & E-Money Institutions
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Minimum Levy
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Variable Levy
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N
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Payment Institutions
E-Money Institutions
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€5,000
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Variable Levy (V) is calculated as follows:
A = B/ C
Where:
A = Variable Levy Rate % (i.e. firm’s % share of Total Value of Transactions processed by all firms )
B = Value of Transactions processed by the firm as reported in On-Line Returns to the Bank for year ended 31 December 2021
C = Total Value of Transactions processed by all firms as reported in On-Line Returns to the Bank for year ended 31 December 2021
An Explanatory Memorandum will be included with invoices to all firms to provide guidance on how the invoice total has been calculated.
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In addition to the Minimum and Variable levies as above, any firms with a risk rating of ‘Ultra High’ from an Anti-Money Laundering / Combating the Financing of Terrorism perspective will also be required to pay a separate flat fee of €375,000.
Click here to read more on the annual levying process.