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Minister for Finance Jack Chambers. Leon Farrell

Chambers to extend bank levy on deposits as part of Budget 2025

The levy was first introduced in 2014 and has been extended on a number of occasions over the past decade.

FINANCE MINISTER JACK Chambers is planning to extend the bank levy as part of Budget 2025.

The levy was first introduced in 2014 and has been extended on a number of occasions over the past decade.

The bank levy is calculated based on deposits held at the four institutions that received help from the State during the banking crisis, which include AIB, EBS, PTSB and Bank of Ireland.

Chambers said today that the banks are “highly profitable” and are benefiting from the stable and positive economic position Ireland is in currently.

“I think it is entirely appropriate that banks continue to make a contribution back to the State in this context. The return generated by the levy will provide me with additional scope on ensuring there is a substantial income tax package and options on further reducing the tax burden for families and workers as part of Budget 2025.

“I am acutely aware that many people are still struggling with the cost-of-living and providing additional support is a key focus for me and for government in the upcoming Budget,” he added. 

“I have been examining the bank levy closely with my officials in the Department of Finance and I will be making a recommendation to Government to further extend the bank levy.

“There will be further consideration on the exact make up and composition of the extension of the levy and this will be a decision for Cabinet as part of Budget 2025 but I will be very clear in my recommendation to Government colleagues to extend the levy again,” said the minister. 

The levy collects around €200 million per year. 

Sinn Féin has called for the bank levy revenue to be doubled to €400 million, with the party’s spokesperson Pearse Doherty stating this year that the bank’s profits are a result of interest rate hikes levied on customers. 

The government last year ruled out any move to introduce a windfall tax on bank profits, instead pointing to the existing levy that banks must pay. 

Italy announced a 40% windfall tax on “surplus profits” of banks generated by the rise in interest rates, with Spain, Hungary, the Czech Republic and Lithuania also indicating similar measures would be introduced. 

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    Mute Temp Stuff
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    Mar 25th 2025, 12:42 PM

    Just change his name to Brian Adriscoll and sorted!

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    Mute Luas Vuitton - Penneys Drag Queen
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    Mar 25th 2025, 1:36 PM

    @Temp Stuff: is he the one married to Amy Youtuberman?

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    Mute David O Brien
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    Mar 25th 2025, 12:48 PM

    Looks very angry in that picture

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    Mute Jonathan Sheridan
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    Mar 25th 2025, 12:52 PM

    @David O Brien: Not exactly the crime of the century but the picture is a great choice.

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    Mute p gert
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    Mar 25th 2025, 3:44 PM

    @David O Brien: Just smelt one.

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    Mute David O Brien
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    Mar 25th 2025, 4:13 PM

    @p gert: Ha ha, that could be it.

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    Mute Susan Walsh
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    Mar 25th 2025, 2:19 PM

    Hold on Caroline O’Mahony isn’t allowed to promote her own business on her own page? What? I mean I’m all for labelling ads on social media by individuals but surely if the individual is promoting their own business that’s named after them, it’s really obvious? Does that mean that someone couldn’t promote their own podcast or book for example on their own page without the hashtag?

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    Mute Luas Vuitton - Penneys Drag Queen
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    Mar 25th 2025, 1:31 PM

    Add #ad is the requirement? Lets not worry about the actual BS they promote.

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    Mute ben wu
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    Mar 25th 2025, 1:52 PM

    @Luas Vuitton – Penneys Drag Queen: The bare minimum should be to label paid sponsor spots as being *paid*.
    That a lot of them have zero morals beyond how much they can milk off the audience, saddens me.

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    Mute larry smith
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    Mar 25th 2025, 1:24 PM

    C.O.D

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    Mute p gert
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    Mar 25th 2025, 3:43 PM

    Bodacious.

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