The Minister for Finance today announced that the Credit Institution Resolution Levy for 2023 will be set at 0.024725%, a slight reduction from 0.024914% of assets in 2022. The Resolution Levy should increase the size of the Resolution Fund by €5 million per annum.
The Credit Union Stabilisation Levy for 2023 will be reduced to 0.001484% of assets, maintaining the annual levy at approximately the amount charged in 2022. This will result in a charge of circa €300,000 for the credit union sector in 2023.
Collectively levies of €5.3 million will be collected for 2023, mirroring the amount collected in 2022. Since 2019 these levies have been reduced by 56% or a €6.7 million per annum saving for credit unions.
Minister of State, Sean Fleming T.D noted that: “My aim is to support the credit union sector to grow and deliver essential banking services to local communities.
We are maintaining the levies to deal with any stability threats at the amounts charged in 2022. The Government will continue our support to grow the credit union sector.”
Following completion of the statutory consultation process, the Minister for Finance, Paschal Donohoe T.D., signed into law the Credit Institutions Resolution Fund Levy regulations and the Stabilisation Fund Levy regulations.
The levy rates which have been agreed will ensure the Resolution and Stabilisation Funds remain well funded safety nets for credit unions and their members.
