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Notice of the making of this Statutory Instrument was published in
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“Iris Oifigiúil” of 20th October, 2017.
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In the exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by Section 32D (as inserted by the
Central Bank Reform Act 2010
(no. 23 of 2010)) of the
Central Bank Act 1942
(No. 22 of 1942) the Central Bank Commission, with the approval of the Minister for Finance, hereby makes the following regulations:
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1. (1) These Regulations may be cited as the Central Bank Act 1942 (Section 32D) Regulations 2017.
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(2) These Regulations come into operation on 17 October 2017.
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2. In these Regulations:
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“associated company” means, in relation to a company or undertaking that comes within Category B1, B2, B3, B4, B5a, B5b, B6 or B7 of the Schedule to these Regulations (a “Category B Undertaking”), a regulated financial service provider that is also a Category B Undertaking and is:
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(a) a subsidiary company of a Category B Undertaking, or
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(b) a company that is a subsidiary of a holding company, if a Category B Undertaking is also a subsidiary of such holding company, but neither the company or the Category B Undertaking is a subsidiary of the other, or
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(c) if the holding company referred to in paragraph (b) above is itself a subsidiary, any other subsidiary of its ultimate holding company.
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“Bank” means Central Bank of Ireland
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“Client Asset Requirements” means the requirements imposed on investment business firms and investment firms pursuant to
Section 52
of the
Investment Intermediaries Act 1995
(No. 11 of 1995), Regulation 79 of the European Communities (Markets in Financial Instruments) Regulations 2007 (
S.I. No. 60 of 2007
), or pursuant to any amending or replacing legislation, or client asset requirements imposed on regulated financial service providers pursuant to regulations made under
Section 48
of the
Central Bank (Supervision and Enforcement) Act 2013
(No. 26 of 2013);
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“due date” means
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(a) the day that falls 28 days after the date of issue of the levy notice, as specified on such levy notice,
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(b) the date referred to in Regulation 10, or
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(c) a date otherwise referred to in these Regulations as being a due date.
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for payment of a levy contribution and/or a supplementary levy contribution or part thereof;
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“impact category” has the meaning attributed to it in the Schedule to these Regulations;
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“impact score” has the meaning attributed to it in the Schedule to these Regulations;
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“levy contribution” means the amount determined as being due and owing which is calculated in accordance with the Schedule to these Regulations;
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“levy notice” means each notice specifying a levy contribution and/or supplementary levy contribution sent by the Bank to a regulated entity in accordance with these Regulations;
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“levy period” means the period prescribed in the Schedule to these Regulations in respect of which regulated entities are obliged to pay a levy contribution and, where applicable, a supplementary levy contribution;
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“Principal Act” means the
Central Bank Act 1942
(No. 22 of 1942);
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“regulated entities” means persons who are subject to regulation under the designated enactments and designated statutory instruments (including financial service providers whose business is subject to regulation by an Authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under a designated enactment or designated statutory instrument) and also includes former regulated entities who were regulated for part of the levy period and “regulated entity” shall be construed accordingly;
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“subsequent levy period” means the period from 1 January 2018 to 31 December 2018 inclusive;
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“supplementary levy contribution” means any supplementary levy determined as being due and owing, in addition to the levy contribution, in accordance with the Schedule to these Regulations.
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3. (1) Subject to paragraph (2) and to Regulations 4 and 5, all persons who are, or have been, regulated entities during the levy period, shall, on or before the due date, pay the levy contribution, and supplementary levy contribution (if applicable), to the Bank.
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(2) Where a regulated entity has been subject to regulation by the Bank for part of the levy period only, then—
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(a) the levy contribution shall be calculated by reference to the number of days of the levy period during which the entity was regulated, and
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(b) any supplementary levy contribution shall be applied on the basis set out in the Schedule.
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4. Where a regulated entity ceases to be subject to regulation during the subsequent levy period and, other than this Regulation 4, regulations have not been made under Section 32D of the Principal Act in respect of the subsequent levy period, then the Schedule shall apply with respect to that entity and the Bank shall issue a levy notice to such entity and—
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(a) the levy contribution shall be calculated by reference to the number of days of the subsequent levy period such entity was regulated, and
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(b) any supplementary levy contribution shall be applied on the basis set out in the Schedule.
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5. Where a regulated entity becomes subject to regulation by the Bank during the levy period, it shall be required to pay a levy contribution. In such circumstances, the Bank shall issue a levy notice to such entity and the levy contribution shall be calculated by reference to the number of days remaining in the levy period from the date on which such entity becomes subject to regulation by the Bank.
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6. The Bank shall determine the appropriate category or categories in the Schedule that shall apply to a regulated entity.
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7. Where in the reasonable opinion of the Bank the obligation of a regulated entity to pay a levy contribution or part thereof, or a supplementary levy contribution or part thereof, would be likely to make that regulated entity insolvent, or, where the regulated entity is a sole trader, bankrupt, the Bank may waive the obligation of that regulated entity under these Regulations to pay a levy contribution or part thereof or a supplementary levy contribution or part thereof. The Bank may waive, reduce, or remit a levy contribution or part thereof, or a supplementary levy contribution or part thereof, in exceptional circumstances at the Bank’s discretion.
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8. A regulated entity is required to pay the levy contribution prescribed in the Schedule to these Regulations whether or not a levy notice has been issued by the Bank under Regulation 9.
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9. Subject to Regulation 11, the Bank may send to a regulated entity a levy notice specifying:
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(a) the levy contribution assessed by the Bank to be payable by that regulated entity for the levy period, and
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(b) the due date for payment of the levy contribution.
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10. If no levy notice is received by a regulated entity setting out the levy contribution for such entity by 4 December 2017 then the 1 January 2018 shall be the due date for the payment of the levy contribution by such regulated entity in accordance with these Regulations.
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11. Without prejudice to whether a levy notice issues setting out a levy contribution, where a supplementary levy contribution applies, a levy notice specifying the supplementary levy contribution will issue to a regulated entity.
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12. The levy contribution, supplementary levy contribution (if applicable) and any interest accrued in accordance with Regulation 14 shall be paid by a regulated entity by cheque, direct bank transfer or equivalent electronic transfer of funds to a bank account specified by the Bank, or as is otherwise specified by the Bank.
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13. (1) A regulated entity or former regulated entity may, no later than 21 days following a due date, submit an appeal under this Regulation in respect of the levy contribution and/or supplementary levy contribution payable by such entity.
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(2) An appeal must set out in writing the grounds of the appeal and should include, in particular, all supporting documentation or representations.
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(3) Payment or a receipt evidencing payment of that portion of the levy contribution or supplementary levy contribution that is not under appeal must be submitted with an appeal under this Regulation.
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(4) The Bank shall advise the regulated entity or former regulated entity concerned in writing of its determination of the appeal and details of any amount outstanding in respect of the disputed amount of levy contribution and/or supplementary levy contribution and the due date applicable for the payment of any outstanding levy contribution and/or supplementary levy contribution.
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14. Without prejudice to any other remedy available to the Bank, where a required levy contribution or supplementary levy contribution has not been received by the due date, interest shall accrue thereon in accordance with the provisions of the European Communities (Late Payment in Commercial Transactions) Regulations 2012 (
S.I. No. 580 of 2012
) or any amending or replacing legislation.
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15. Every sum payable by a regulated entity under these Regulations, including interest, for or on account of the Bank shall be recoverable by the Bank from that person as a simple contract debt in a court of competent jurisdiction.
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16. (1) Each regulated entity shall keep full and true records of all transactions which affect their liability under these Regulations and any related returns made.
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(2) A record kept by a person pursuant to paragraph (1) and, in the case of any such record that has been given by the person to another person, any copy thereof that is in the power or control of the first mentioned person shall be retained by that person for a period of 6 years from the date of the last transaction to which the record relates, provided that this Regulation shall not apply to records of a company that have been disposed of in accordance with Section 305(1) of the
Companies Act 1963
(No. 33 of 1963) or
Section 707
of the
Companies Act 2014
(No. 38 of 2014).
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(3) No person shall, in purported compliance with a provision of these Regulations, provide an answer or explanation, make a statement or produce or deliver any return, certificate, balance sheet or other document which is false in a material particular.
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(4) A regulated entity that fails to comply with a provision of these Regulations or any applicable regulatory reporting requirements thereby preventing a full and proper assessment of their liability under these Regulations, may be assessed by the Bank in accordance with Category L of the Schedule to these Regulations to determine a levy contribution, or may be otherwise assessed in a manner determined by the Bank, and the Bank may issue a levy notice to such a regulated entity, or former regulated entity, without prejudice to other actions which might be determined necessary or appropriate by the Bank in such circumstances.
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17. The Bank may exercise any of the powers and perform any of the functions and duties imposed on the Bank by these Regulations through or by any of the officers or employees of the Bank.
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SCHEDULE
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Levy Period: 1 January 2017 to 31 December 2017
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CATEGORY A
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Credit Institutions
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Type of regulated entity
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Basis of calculation of levy contribution
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Category A1
Sub-category A1a — Significant supervised entities within the meaning of the SSM Framework Regulation (Regulation (EU) No. 468/2014 of the European Central Bank (ECB/2014/17)) — which were admitted to the Eligible Liabilities Guarantee Scheme 2009 (“the ELG Scheme Institutions”)
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All entities in sub-category A1a shall pay a levy contribution consisting of the sum of a minimum amount and a variable amount.
Minimum amount
All entities in sub-category A1a shall pay a minimum amount of €386,458.
Variable amount
In addition to the minimum amount, all entities in sub-category A1a shall pay a variable amount calculated as follows:
(a) The variable amount payable by each entity in this sub-category A1a shall be calculated by reference to that entity’s weighted share of the levy factors for all entities in category A1 as determined by the Central Bank.
(b) The levy factors used to determine the variable amount in respect of an entity in sub-category A1a shall be the amount of each of the following:
(i) total assets as reported in FINREP template F01.01 row 380 for the period 31 December 2016. For entities whose year-end is October, data for the period 31 October 2016 will be used;
(ii) total risk exposure as reported in COREP template C02.00 row 010 for the period 31 December 2016.
(c) The relative weighting applied to the levy factors referred to in paragraph (b)(i) and (ii) above shall be:
(i) total assets: 50%
(ii) total risk exposure: 50%.
Accordingly, the variable amount (V) to be paid by a credit institution in this sub-category shall be calculated as follows:
V = ((S + G) * 50%) * C where
S = entity’s percentage share of the sum of total assets for category A1
G = entity’s percentage share of the sum of total risk exposure for category A1
C = proportion of total variable amount for category A1 relevant to sub-category A1a
The values of S, G and C relevant to their levy calculations shall be communicated by the Bank directly to each entity.
In relation to credit institution groups, one levy shall be calculated and issued at the highest level of consolidation in respect of its regulatory reporting to the Bank.
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Type of regulated entity
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Basis of calculation for levy contribution
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Sub-category A1a — as above
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The supplementary levy contribution is a separate levy which shall be paid in addition to the levy contribution.
Supplementary Levy Contribution
For the purposes of providing the Central Bank with sufficient funds for the conduct of pre-inquiry investigations relating to inquiries that may be held by the Central Bank under Part IIIC of the
Central Bank Act 1942
, credit institutions within the scope of sub-category A1a shall pay a supplementary levy to the Bank.
Such supplementary levy will be set out in a levy notice sent to each credit institution which falls within the scope of sub-category A1a.
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Type of regulated entity
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Basis of calculation of levy contribution
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Category A1
Sub-category A1b — Irish Authorised Credit Institutions that are outside the scope of sub-category A1a and that are:(a) Significant supervised entities within the meaning of the SSM Framework Regulation (Regulation (EU) No. 468/2014 of the European Central Bank (ECB/2014/17)),(b) Subsidiaries of significant supervised entities within the meaning of the SSM Framework Regulation where that subsidiary provides retail banking services to individuals and businesses in the State through its branch network,
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All entities in sub-category A1b shall pay a levy contribution consisting of the sum of a minimum amount and a variable amount.Minimum amountAll entities shall pay a minimum amount of €251,198.
Variable amount
In addition to the minimum amount, all entities in sub-category A1b shall be liable to pay a variable amount calculated as follows:
(a) The variable amount payable by each entity in this sub-category A1b shall be calculated by reference to that entity’s weighted share of the levy factors for all entities in category A1 as determined by the Central Bank.
(b) The levy factors used to determine the variable amount in respect of an entity in sub-category A1b shall be the amount of each of the following:
(i) total assets as reported in FINREP template F01.01 row 380 for the period 31 December 2016. For entities whose year-end is October, data for the period 31 October 2016 will be used;
(ii) total risk exposure as reported in COREP template C02.00 row 010 for the period 31 December 2016.
(c) The relative weighting applied to the levy factors referred to in paragraph (b)(i) and (ii) shall be:
(i) total assets: 50%
(ii) total risk exposure: 50%.
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(c) Less Significant Supervised Entities within the meaning of the SSM Framework Regulation that have been deemed ‘high priority’ by the European Central Bank
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Accordingly, the variable amount (V) to be paid by a credit institution in this sub-category shall be calculated as follows:
V = ((S + G) * 50%) * C where
S = entity’s percentage share of the sum of total assets for category A1
G = entity’s percentage share of the sum of total risk exposure for category A1
C = proportion of total variable amount for category A1 relevant to sub-category A1b
The values of S, G and C relevant to their levy calculations shall be communicated by the Bank directly to each entity.
In relation to credit institution groups, one levy shall be calculated and issued at the highest level of consolidation in respect of its regulatory reporting to the Bank.
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Type of regulated entity
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Basis of calculation of levy contribution
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Category A2
Sub-category A2a — Non-retail subsidiaries of Significant Institutions, non high-priority Less Significant Institutions, relevant Credit Institutions authorised pursuant to Section 9A of the
Central Bank Act 1971
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All entities in sub-category A2a shall pay a levy contribution consisting of the sum of a minimum amount and a variable amount.
Minimum amount
All entities shall pay a minimum amount of €12,560.
Variable amount
In addition to the minimum amount, all entities in sub-category A2a shall pay a variable amount calculated as follows:
(a) The variable amount payable by each entity in this sub-category A2a shall be calculated by reference to that entity’s weighted share of the levy factors for all entities in category A2 as determined by the Bank.
(b) The levy factors used to determine the variable amount in respect of an entity in sub-category A2a shall be the amount of each of the following:
(i) total assets as reported in FINREP template F01.01 row 380 for the period 31 December 2016. For entities whose year-end is October, data for the period 31 October 2016 will be used;
(ii) total risk exposure as reported in COREP template C02.00 row 010 for the period 31 December 2016.
(c) The relative weighting applied to the levy factors referred to in paragraph (b)(i) and (ii) shall be:
(i) total assets: 50%
(ii) total risk exposure: 50%.Accordingly, the variable amount (V) to be paid by a credit institution in this sub-category shall be calculated as follows:
V = ((S + G) * 50%) * C where
S = entity’s percentage share of the sum of total assets for all entities and groups in category A2
G = entity’s percentage share of the sum of total risk exposure for all entities and groups in category A2
C = total variable amount to be recovered from sub-category A2a.
The values of S, G and C relevant to their levy calculations shall be communicated by the Bank directly to each entity.In relation to credit institution groups, one levy shall be calculated and issued at the highest level of consolidation in respect of its regulatory reporting to the Bank.
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Type of regulated entity
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Basis of calculation of levy contribution
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Category A2
Sub-category A2b — Credit Institutions authorised in another EEA state operating in Ireland on a branch basis
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Each credit institution within sub-category A2b shall pay a flat rate levy of €12,560.
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Type of regulated entity
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Basis of calculation of levy contribution
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A1a, A1b and A2a — as above
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The supplementary levy contribution is a separate levy which shall be paid in addition to the levy contribution.
Supplementary Levy Contribution
For the purposes of providing the Bank with sufficient funds to enable it to conduct its broad examination of tracker mortgage related issues, as commenced in 2015 and notified to each relevant lender, Credit Institutions that are subject to the Tracker Mortgage Examination shall pay a supplementary levy to the Bank.
Such supplementary levy will be set out in a levy notice sent to the Credit Institutions subject to the Tracker Mortgage Examination.
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Type of regulated entity
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Basis of calculation of levy contribution
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A3 — Credit Institutions authorised in another EEA state operating in Ireland on a cross border basis
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Each credit institution within sub-category A3 shall pay a levy of €12,560 to the Bank.
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CATEGORY B
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Insurance Undertakings
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Type of regulated entity
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Basis of calculation for levy contribution
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B1 — Life Companies with Irish Head Office and Life Insurance
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Impact Category
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Ultra High
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High
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Medium High
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Medium Low
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Low
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Levy
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n/a
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€1,186,135
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€271,210
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€53,915
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€14,871
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Undertakings authorised in another non-EEA state operating in IrelandB4 — Non-Life Companies with Irish Head OfficeB7 — Reinsurance Undertakings with Irish Head Office
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‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
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Type of regulated entity
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Basis of calculation for levy contribution
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B2 — Life Insurance Undertakings authorised in another EEA state operating in Ireland on a branch basis
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All entities with the relevant gross premium income written on Irish risk business shall pay a flat rate levy based on the table below.
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Gross Premium written on Irish risk business
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€0 - €100 million
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> €100 million
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Levy
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€11,153
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€67,802
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Type of regulated entity
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Basis of calculation for levy contribution
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B5a — Non-Life Insurance Undertakings authorised in another EEA state operating in Ireland on a branch basis that write motor insurance in Ireland
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All entities with the relevant total premium income written on Irish risk business shall pay a flat rate levy based on the table below.
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Gross Premium written on Irish risk business
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€0 - €50 million
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> €50 million
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Levy
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€26,958
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€67,802
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Type of regulated entity
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Basis of calculation for levy contribution
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B5b — Non-Life Insurance Undertakings authorised in another EEA state operating in Ireland on a branch basis that are not included in B5a
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All entities in this category shall pay a flat rate levy of €11,153.
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Type of regulated entity
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Basis of calculation for levy contribution
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B3 — Life Insurance Undertakings
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Impact Category
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Ultra High
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High
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Medium High
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Medium Low
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Low
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Levy
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n/a
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n/a
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n/a
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n/a
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€11,153
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authorised in another EEA state operating in Ireland on a cross border basisB6 — Non-Life Insurance Undertakings authorised in another EEA state operating in Ireland on a cross border basis
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‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
Each insurance undertaking within categories B3 and B6 shall remit the levy applicable to the “Low” impact category to the Bank.
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Insurance Undertakings Groups
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Type of regulated entity
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Basis of calculation for levy contribution
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Insurance Undertaking Group
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Impact Category
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Ultra High
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High
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Medium High
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Medium Low
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Low
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For the purposes
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Levy
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€2,614,072
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€1,186,135
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€271,210
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€53,915
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€14,871
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of the calculation of a levy contribution an Insurance Undertaking Group shall be defined as:
A group of entities comprised of an entity that comes within categories B1, B2, B3, B4, B5a, B5b, B6 or B7 and either(a) has one or more associated companies that comes within catergories B1, B2, B3, B4, B5a, B5b, B6 or B7;or(b) is a subsidiary of an insurance holding company, a third-country insurance undertaking or a third-country reinsurance undertaking, a mixed financial holding company or a mixed activity insurance holding company (as defined in the European Union (Insurance and Reinsurance) Regulations 2015)
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‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
An Insurance Undertaking within category B shall pay the levy contribution corresponding to its impact category. However, where an Insurance Undertaking is a member of an Insurance Undertaking Group, and where the Bank has objectively determined by reference to PRISM and the resources the Bank expends on supervising the members of such an Insurance Undertaking Group, that it is necessary that such Insurance Undertaking Group shall pay the levy amount applicable to the Ultra High impact category or the High Impact Category (and where the Bank has notified each member of such Insurance Undertaking Group of this determination in writing), the Insurance Undertaking Group shall transfer the levy amount applicable to the Ultra High impact category or the High Impact Category to the Bank on behalf of all its constituent members with the proportion of the Insurance Undertaking Group Levy for which an individual constituent member is liable being calculated according to the following formula:
A = B/C * D Where:
A = proportion of the Insurance Undertaking Group Levy for which the individual constituent member is liable; and
B = levy amount which the individual constituent member would be obliged to pay if it were not being assessed as part of an Insurance Undertaking Group; and
C = total sum of B for all individual constituent members of the Insurance Undertaking Group; and
D = Insurance Undertaking Group Levy.
For example, in the case of a notional Insurance Undertaking Group with three constituent members, each one of which fall within the ‘High’ impact category, the total levy payable by an Ultra High Insurance Undertaking Group will be €2,614,072 (the ‘Ultra High’ impact category levy) and each individual constituent member’s proportion of this levy liability is:
€1,186,135 / (€1,186,135*3) * €2,614,072 = €871,357
Where an Insurance Undertaking is a member of an Insurance Undertaking Group, but does not receive written notification from the Bank that such Insurance Undertaking Group shall transfer the levy amount applicable to the Ultra High impact category or the High impact category to the Bank on behalf of all its constituent members, such Insurance Undertaking shall be liable to pay the levy contribution corresponding to its impact category.
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CATEGORY C
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Intermediaries and Debt Management Firms
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Type of regulated entity
|
Basis of calculation for levy contribution
|
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C — Intermediaries (including Investment Product Intermediaries and Mortgage Intermediaries who hold authorisations under the
Consumer Credit Act 1995
) and Mortgage Credit Intermediaries who held authorisations under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016);
Insurance/Reinsurance Intermediaries registered under the EC (Insurance Mediation) Regulations 2005;
Debt Management Firms authorised under the
Central Bank Act, 1997
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The amount of the levy will be calculated as follows:
Minimum Levy: €932 plus
Variable Levy calculated as follows:
(A – B) * C
Where:
A = total of firm’s ‘Income from Fees’ and ‘Income from Commissions’ as reported in the firm’s latest On-Line Return to the Bank;
B = threshold level of total ‘Income from Fees’ and ‘Income from Commissions’ of €300,000; and
C = Variable Levy Rate of 0.22%.
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CATEGORY D
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Investment Firms
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(other than Investment Product Intermediaries)
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(Firms regulated under the provisions of either the
Investment Intermediaries Act, 1995
or the European Communities (Markets in Financial Instruments) Regulations 2007) or any amending or replacing legislation)
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Type of regulated entity
|
Basis of calculation for levy contribution
|
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D1 — Designated Fund Managers
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Impact Category
|
Ultra High
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High
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Medium High
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Medium Low
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Low
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Levy
|
n/a
|
n/a
|
€391,544
|
€77,837
|
€9,675
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D2 — Receipt and Transmission of Orders and/or Provision of Investment Advice
D3 — Portfolio Management; Execution of Orders
D4 — Own Account Trading; Underwriting on a Firm Commitment Basis
D6 — Firms authorised under the
Investment Intermediaries Act 1995
that are not captured in any other levy category for the purposes of these Regulations
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‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
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Type of regulated entity
|
Basis of calculation for levy contribution
|
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|
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D5 — Member Firms of the Irish Stock Exchange which have been
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Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
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Levy
|
n/a
|
n/a
|
€391,544
|
€77,837
|
€9,675
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authorised as an Investment Firm
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
under Regulation 11(1) or deemed authorised under Regulation 6(2) of the European Communities (Markets in Financial Instruments) Regulations 2007 or any amending or replacing legislation
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
D9 — High Volume
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
Algorithmic Trading Firms
|
|
Levy
|
n/a
|
n/a
|
€391,544
|
€77,837
|
€9,675
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
D10 — Market Infrastructure
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
Firms
|
|
Levy
|
n/a
|
n/a
|
€391,544
|
€77,837
|
€9,675
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
D11 — Investment Firms authorised in another EEA state operating in Ireland as such on a branch basis
|
All entities in this sub-category shall pay a flat rate levy of €8,897.
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
D1-D10 — As above
|
The supplementary levy contribution is a separate levy which shall be paid in addition to the levy contribution.
Supplementary Levy Contribution
For the purposes of providing the Bank with sufficient funds to enable it to continue to perform its functions under the Client Asset Requirements, institutions which are subject to the Client Asset Requirements in the categories D1 — D10 shall pay a supplementary levy to the Bank.
Such supplementary levy will be payable in accordance with the table set out below.
|
|
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
|
Levy
|
n/a
|
n/a
|
€77,242
|
€15,355
|
€2,384
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
D1-D10 — Investment Firms within the meaning of Regulation 3 of the European Union (Bank Recovery and Resolution) Regulations 2015
|
The supplementary levy contribution is a separate levy which shall be paid in addition to the levy contribution.
Supplementary Levy Contribution
Pursuant to Regulation 5 of the European Union (Bank Recovery and Resolution) Regulations 2015, and for the purposes of providing the Central Bank with sufficient funds to enable the Central Bank to perform its functions as resolution authority under the European Union (Bank Recovery and Resolution) Regulations 2015, all of the investment firms in this category shall pay a supplementary levy to the Bank.
Such supplementary levy will be payable in accordance with the table set out below.
|
|
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
|
Levy
|
n/a
|
n/a
|
€43,811
|
€8,709
|
n/a
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
| |
CATEGORY E
|
| |
Investment Funds, Alternative Investment Fund Managers
|
| |
and other Investment Fund Service Providers
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
E1a — Authorised UCITS; Authorised Unit Trusts; Authorised Investment
|
|
Fund Type
|
Levy per Fund
|
Levy per Sub-Funds 2 - 10
|
Levy per Sub-Funds 11 - 20
|
|
|
|
Single
|
€3,202
|
n/a
|
n/a
|
|
|
|
Umbrella
|
€3,202
|
€235
|
€145
|
|
|
Companies (Designated and non-Designated); Authorised Investment Limited Partnerships;
Authorised Common Contractual Funds; Authorised Irish Collective Asset-management Vehicles
|
All funds shall pay a minimum levy of €3,202.
Umbrella funds shall also pay a contribution per sub-fund of €235 up to ten sub-funds and a further levy of €145 on sub-fund numbers greater than ten, to a maximum of twenty sub-funds, resulting in a maximum contribution for umbrella funds of €7,002.
|
|
|
|
No. of Sub-Funds
|
Levy per Sub-Fund
|
Total Levy
|
|
|
|
2
|
€235
|
€3,672
|
|
|
E1b — UCITS Self-Managed Investment Companies (SMICs);
Authorised Designated Investment Companies (Internally Managed Alternative Investment Funds);
Authorised Irish Collective Asset-management Vehicles (Internally Managed Alternative Investment Funds);
Authorised Irish Collective Asset-management Vehicles (UCITs SMICs)
|
|
3
|
€235
|
€3,907
|
|
|
|
4
|
€235
|
€4,142
|
|
|
|
5
|
€235
|
€4,377
|
|
|
|
6
|
€235
|
€4,612
|
|
|
|
7
|
€235
|
€4,847
|
|
|
|
8
|
€235
|
€5,082
|
|
|
|
9
|
€235
|
€5,317
|
|
|
|
10
|
€235
|
€5,552
|
|
|
|
11
|
€145
|
€5,697
|
|
|
|
12
|
€145
|
€5,842
|
|
|
|
13
|
€145
|
€5,987
|
|
|
|
14
|
€145
|
€6,132
|
|
|
|
15
|
€145
|
€6,277
|
|
|
|
16
|
€145
|
€6,422
|
|
|
|
17
|
€145
|
€6,567
|
|
|
|
|
18
|
€145
|
€6,712
|
|
|
|
|
19
|
€145
|
€6,857
|
|
|
|
|
20
|
€145
|
€7,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
E2a — AIF Management Companies
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
Levy
|
n/a
|
n/a
|
€391,544
|
€77,837
|
€9,675
|
|
|
E2b — Administrators;
UCITS Managers (Non Delegating);
Depositories; Alternative Investment Fund Managers
E2c — UCITS Managers (Delegating)
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
|
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
E2d — UCITS Managers and Alternative Investment Fund Managers authorised in another EEA state operating in Ireland as such on a branch basis
|
All entities in this sub-category shall pay a flat rate levy of €8,897.
|
|
| |
CATEGORY F
|
| |
Credit Unions
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
F — Credit Unions
|
The required levy from individual credit unions will be assessed as 0.01% of total assets reported in the annual returns setting out their balance sheet as at 30 September 2016, provided that the total levy collected or recovered from credit unions does not exceed the total costs incurred by the Bank in performing the functions and exercising the powers of the Bank under the
Credit Union Act, 1997
.
|
|
| |
CATEGORY G
|
| |
Moneylenders
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
G — Moneylenders
|
|
Impact Category
|
Low
|
|
|
|
|
|
Band 1
|
Band 2
|
Band 3
|
Band 4
|
Band 5
|
|
|
|
|
Impact Score
|
≤10.5
|
10. 6 - 13.0
|
13. 1 - 15.0
|
15. 1 - 30.0
|
≥30.1
|
|
|
|
|
Levy
|
€1,161
|
€4,590
|
€11,638
|
€43,353
|
€168,491
|
|
|
|
‘Impact Category’ and ‘Impact Score’ are as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. ‘Impact Category’ reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers. ‘Impact Score’ represents a numeric evaluation of a regulated entity’s potential impact calculated by combining impact metric data.
This levy will cover moneylenders’ operation in all Court Districts.
|
|
| |
CATEGORY H
|
| |
Approved Professional Bodies
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
H — Approved Professional Bodies
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
|
Levy
|
n/a
|
n/a
|
n/a
|
n/a
|
€4,058
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
| |
CATEGORY J
|
| |
Bureaux de Change
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
J1 — Bureaux de Change
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
|
Levy
|
n/a
|
n/a
|
n/a
|
n/a
|
€925
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
| |
CATEGORY L
|
| |
Default Assessments
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
L — Regulated entities falling within Regulation 16(4)
|
Each regulated entity falling within Regulation 16(4) shall pay a flat rate levy of €3,600.
|
|
| |
CATEGORY M
|
| |
Retail Credit Firms, Home Reversion Firms and Credit Servicing Firms
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
M1 — Retail Credit Firms
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
|
Levy
|
n/a
|
n/a
|
n/a
|
n/a
|
€40,249
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
Supplementary Levy Contribution
For the purposes of providing the Bank with sufficient funds to enable it to conduct its broad examination of tracker mortgage related issues, as commenced in 2015 and notified to each relevant lender, Retail Credit Firms that are subject to the Tracker Mortgage Examination shall pay a supplementary levy to the Bank.Such supplementary levy will be set out in a levy notice sent to the Retail Credit Firms that are subject to the Tracker Mortgage Examination.
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
M2 — Home Reversion Firms
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
Levy
|
n/a
|
n/a
|
n/a
|
n/a
|
€3,740
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
|
|
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
|
M3 — Credit Servicing Firms
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
Low
|
|
|
|
Levy
|
n/a
|
n/a
|
n/a
|
n/a
|
€35,067
|
|
|
|
‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. It reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers.
|
|
|
|
|
| |
CATEGORY N
|
| |
Payment Institutions and E-Money Institutions
|
| | |
Type of regulated entity
|
Basis of calculation for levy contribution
|
|
|
|
|
|
|
|
|
|
|
N — Payment Institutions;
E-Money Institutions
|
|
Impact Category
|
Ultra High
|
High
|
Medium High
|
Medium Low
|
|
|
|
|
Levy
|
n/a
|
n/a
|
€580,675
|
€159,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact Category
|
Low
|
|
|
|
|
Impact Score
|
Band 1
|
Band 2
|
Band 3
|
|
|
|
|
≤51.0
|
51. 1 - 100.0
|
≥100.1
|
|
|
|
|
Levy
|
€2,854
|
€14,271
|
€128,733
|
|
|
|
‘Impact Category’ and ‘Impact Score’ are as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2016. ‘Impact Category’ reflects the Bank’s assessment of the potential impact of the failure of a regulated entity on financial stability and consumers. ‘Impact Score’ represents a numeric evaluation of a regulated entity’s potential impact calculated by combining impact metric data.
|
|
| |
|
| |
Signed for and on behalf of the CENTRAL BANK COMMISSION,
|
| |
17 October 2017.
|
| |
ED SIBLEY,
|
| |
Deputy Governor (Prudential Regulation).
|
