Chambers plans to extend bank levy in Budget 2025.

The Minister for Finance, Jack Chambers, is planning to extend the bank levy as part of Budget 2025. The levy, first introduced in 2014 and extended multiple times, is calculated based on eligible deposits at four institutions: AIB, EBS, PTSB, and Bank of Ireland, which received State assistance during the banking crisis. Set to raise around €200 million this year, Minister Chambers believes that profitable banks in Ireland should continue to contribute to the State.

As preparations for the October 1st Budget intensify, Minister Chambers, in consultation with the Department of Finance, is considering recommending the extension of the levy. He anticipates that the return from the levy will allow for a significant income tax package and opportunities to reduce the tax burden on families and workers. With a focus on providing additional support to those struggling with the cost of living, the Minister is committed to extending the bank levy to benefit the people of Ireland.