Objective
The aim of this consultation is to elicit views on a revised methodology for calculating the Industry Funding Levy payable by Moneylenders [Moneylenders licensed in accordance with the Consumer Credit Act, 1995 (as amended)].
1. Introduction
The Central Bank of Ireland’s (“the Central Bank”) total funding requirement for financial regulation activity is determined on an annual basis by the resources required to discharge its legal responsibilities under domestic and EU law.
Sections 32D and 32E of the Central Bank Act 1942, as amended, provide that the Central Bank Commission may make regulations relating to the imposition of levies and fees on the financial services sector in respect of the recovery of the costs of financial regulation. Regulations made under Sections 32D and 32E of the Central Bank Act 1942, or any amendment or revocation of these regulations, do not take effect until approved by the Minister for Finance.
Since 2017, Industry has, with certain excepti
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