Finance Minister Jack Chambers plans to extend the bank levy in Budget 2025. The levy, initially introduced in 2014, targets four institutions that received State aid during the banking crisis: AIB, EBS, PTSB, and Bank of Ireland, generating around €200 million this year. With Irish banks thriving, Minister Chambers deems it fitting for them to continue contributing to the state.
Intensifying efforts ahead of the October 1 budget, the Minister, in consultation with the Department of Finance, aims to recommend the levy’s extension. The return from this levy is expected to support a significant income tax package, easing the burden on families and workers in Budget 2025. Minister Chambers underscores the importance of aiding those grappling with the escalating cost of living.
While the exact details of the levy’s extension will be decided by the Cabinet during Budget 2025, Minister Chambers is resolute in advocating for its continuation. Stay tuned for updates on how this decision shapes Ireland’s financial landscape.