Central Bank Act 1942 (Section 32D) Regulations S.I. No. 445/2018

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 2nd November, 2018.

In the exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by section 32D 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:

1. (1) These Regulations may be cited as the Central Bank Act 1942 (Section 32D) Regulations 2018.

(2) These Regulations come into operation on 26 October 2018.

2. In these Regulations:

“Bank” means Central Bank of Ireland;

“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), or client asset requirements imposed on regulated financial service providers pursuant to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 [ S.I. No. 604 of 2017 ] or pursuant to any amending or replacing legislation;

“due date” means

(a) the day that falls 28 days after the date of the levy notice or,

(b) the date referred to in Regulation 7 or,

“impact category” has the meaning attributed to it in the Schedule to these Regulations;

“impact score” has the meaning attributed to it in the Schedule to these Regulations;

“levy contribution” means the amount determined as being due and owing in respect of the levy period, subsequent levy period or succeeding levy period, and which is calculated in accordance with the Schedule to these Regulations or further regulations made under section 32D of the Principal Act, as applicable;

“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 or further regulations made under section 32D of the Principal Act, as applicable;

“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;

“Principal Act” means the Central Bank Act 1942 (No. 22 of 1942);

“regulated entity” means a person who is 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;

“relevant levy period” means the levy period, subsequent levy period or succeeding levy period, whichever is applicable in the particular context;

“subsequent levy period” means the period from 1 January 2019 to 31 December 2019 inclusive;

“succeeding levy period” means the period from 1 January 2020 to 31 December 2020 inclusive;

“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 or further regulations made under section 32D of the Principal Act, as applicable;

3. (1) Subject to paragraphs (4) and (5), all persons who are, or have been, regulated entities during a relevant levy period are liable to pay a levy contribution, and a supplementary levy contribution (as applicable), to the Bank on or before the due date.

(2) Where a regulated entity is subject to regulation by the Bank during the levy period, the levy contribution and supplementary levy contribution (as applicable) shall be calculated by reference to the Schedule herein.

(3) Where a regulated entity is subject to regulation by the Bank during the subsequent or succeeding levy period, the levy contribution and supplementary levy contribution (as applicable) shall be calculated by reference to the regulations made under section 32D of the Principal Act in respect of the subsequent or succeeding levy period.

(4) Where a regulated entity has been subject to regulation by the Bank for part of a relevant levy period only;

(a) the levy contribution shall be calculated on the basis of the number of days of the relevant levy period during which the entity was regulated in accordance with the Schedule, or, by reference to the regulations made under section 32D of the Principal Act in respect of the subsequent or succeeding levy period, and,

(b) any supplementary levy contribution shall be applied in accordance with the Schedule or, by reference to the regulations made under section 32D of the Principal Act in respect of the subsequent or succeeding levy period.

(5) If a regulated entity ceases to be regulated during a subsequent or succeeding levy period and, other than these Regulations, no regulations have been made pursuant to section 32D of the Principal Act in respect of that relevant period, the regulated entity shall be liable to pay a levy contribution, and supplementary levy contribution (as applicable) in accordance with this Schedule.

4. The Bank shall determine the appropriate category or categories that shall apply to a regulated entity for the purpose of assessing the levy contribution and supplementary levy contribution (as applicable).

5. A regulated entity is liable to pay the levy contribution and supplementary levy contribution (as applicable) prescribed in the Schedule to these Regulations whether or not a levy notice has been issued by the Bank under Regulation 6.

6. Subject to Regulation 8, the Bank may send to a regulated entity a levy notice specifying:

(a) the levy contribution assessed by the Bank to be payable by that regulated entity for the relevant levy period, and

(b) the due date for payment of the levy contribution.

7. If no levy notice is received by a regulated entity setting out the levy contribution and supplementary levy contribution (as applicable) for the levy period by 9 December 2018 then the 6 January 2019 shall be the due date for the payment of the levy contribution and supplementary levy contribution (as applicable), by such regulated entity in accordance with these Regulations.

8. Without prejudice to whether the Bank issues a levy notice setting out a levy contribution pursuant to Regulation 6, where a supplementary levy contribution applies, a levy notice specifying the supplementary levy contribution will be issued to a regulated entity.

9. The levy contribution, supplementary levy contribution (as applicable) and any interest accrued in accordance with Regulation 11 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.

10. (1) A 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.

(2) The regulated entity must set out in writing the grounds of the appeal and should include supporting documentation.

(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.

(4) 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 or part thereof would be likely to make that entity insolvent, or where the regulated entity is a sole trader, bankrupt, the Bank may waive the obligation of that entity under these Regulations to pay a levy contribution or part thereof or a supplementary levy contribution or part thereof in respect of the relevant levy period.

(5) The Bank may at its discretion waive or reduce a levy contribution or part thereof, or a supplementary levy contribution or part thereof, in respect of the relevant levy period in exceptional circumstances.

(6) The Bank shall advise the regulated entity in writing of its decision in respect of the appeal, providing reasons for same 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.

11. Without prejudice to any other remedy available to the Bank, where payment for a 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.

12. 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.

13. (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.

(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 707 of the Companies Act 2014 (No. 38 of 2014).

(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.

(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 by reference to regulations made under section 32D of the Principal Act or may be assessed in a manner determined by the Bank, and the Bank may issue a levy notice to such a regulated entity without prejudice to other actions which might be determined necessary or appropriate by the Bank in such circumstances.

14. 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.

SCHEDULE

Levy Period: 1 January 2018 to 31 December 2018

CATEGORY A

Credit Institutions

Type of regulated entity

Basis of calculation of levy contribution

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”)

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 €393,194.

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 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 2017. For entities whose year-end is October, data for the period 31 October 2017 will be used;

(ii) total risk exposure as reported in COREP template C02.00 row 010 for the period 31 December 2017.

(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.

Type of regulated entity

Basis of calculation for levy contribution

Sub-category A1a — 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 for the conduct of pre-inquiry investigations relating to inquiries that may be held by the 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.

Type of regulated entity

Basis of calculation of levy contribution

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,

(c) Less Significant Supervised Entities within the meaning of the SSM Framework Regulation that have been deemed ‘high priority’ by the European Central Bank

All entities in sub-category A1b 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 €314,555.

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 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 2017. For entities whose year-end is October, data for the period 31 October 2017 will be used;

(ii) total risk exposure as reported in COREP template C02.00 row 010 for the period 31 December 2017.

(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 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.

Type of regulated entity

Basis of calculation of levy contribution

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

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 €20,117.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 2017. For entities whose year-end is October, data for the period 31 October 2017 will be used;

(ii) total risk exposure as reported in COREP template C02.00 row 010 for the period 31 December 2017.

(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.

Type of regulated entity

Basis of calculation of levy contribution

Category A2

Sub-category A2b —

Credit Institutions authorised in another EEA state operating in Ireland on a branch basis

Each credit institution within sub-category A2b shall pay a flat rate levy of €20,117.

Type of regulated entity	Basis of calculation for levy contribution
A3 — Credit Institutions authorised in another EEA state operating in Ireland on a cross border basis	Each credit institution within sub-category A3 shall remit a levy of €20,117 to the Bank.

Type of regulated entity

Basis of calculation for levy contribution

A1a, A1b, A2 and A3 — as above

This supplementary levy contribution is a separate levy which shall be paid in addition to the levy contribution.

Supplementary Levy Contribution (1):

Tracker Mortgage Examination

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 Insitutions subject to the Tracker Mortgage Examination.

Type of regulated entity

Basis of calculation for levy contribution

A1a, A1b and A2 — as above

This supplementary levy contribution is a separate levy which shall be paid in addition to the levy contribution.

Supplementary Levy Contribution (2):

Significant Changes to Business Model

For the purposes of providing the Bank with sufficient funds to enable it to consider significant changes to the business model and/or activities of a credit institution, relevant credit institutions shall pay a supplementary levy.

Such supplementary levy will be set out in a levy notice sent to the Credit Insitutions concerned.

CATEGORY B

Insurance Undertakings

Type of regulated entity	Basis of calculation for levy contribution

B1 — Life Companies with Irish Head Office and Life Insurance		Impact Category	Ultra High	High	Medium High	Medium Low	Low
	Levy	€3,329,855	€1,510,922	€345,472	€68,678	€20,192
Undertakings authorised in another non-EEA state operating in Ireland B4 — Non-Life Companies with Irish Head Office B7 — Reinsurance Undertakings with Irish Head Office	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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

B2 — Life Insurance Undertakings authorised in another EEA state operating in Ireland on a branch basis	All entities with the relevant gross premium income written on Irish risk business shall pay a flat rate levy based on the table below.
		Gross Premium written on Irish risk business	€0 - €100 million	> €100 million
	Levy	€15,144	€172,736

Type of regulated entity	Basis of calculation for levy contribution

B5a — Non-Life Insurance Undertakings authorised in another EEA state operating in Ireland on a branch basis that write motor insurance in Ireland	All entities with the relevant total premium income written on Irish risk business shall pay a flat rate levy based on the table below.
		Gross Premium written on Irish risk business	€0 - €50 million	> €50 million
	Levy	€34,339	€172,736

Type of regulated entity	Basis of calculation for levy contribution

B5b — Non-Life Insurance Undertakings authorised in another EEA state operating in Ireland on a branch basis that are not included in B5a	All entities in this category shall pay a flat rate levy of €15,144.

Type of regulated entity	Basis of calculation for levy contribution

B3 — Life Insurance Undertakings		Impact Category	Ultra High	High	Medium High	Medium Low	Low
	Levy	n/a	n/a	n/a	n/a	€15,144
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	“Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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.

CATEGORY C

Intermediaries and Debt Management Firms.

Type of regulated entity

Basis of calculation for levy contribution

C — Intermediaries (including Investment Product Intermediaries and Mortgage Intermediaries who hold authorisations under the Consumer Credit Act 1995 and Mortgage Credit Intermediaries who hold 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

The amount of the levy will be calculated as follows:

Minimum Levy: €1,020 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 €200,000; and

C = Variable Levy Rate of 0.32%.

CATEGORY D

Investment Firms

(other than Investment Product Intermediaries)

(Firms regulated under the provisions of either the Investment Intermediaries Act, 1995 or European Union (Markets in Financial Instruments) Regulations 2017 [ S.I. No. 375 of 2017 ] or any amending or replacing legislation)

Type of regulated entity	Basis of calculation for levy contribution

D1 — Designated Fund Managers		Impact Category	Ultra High	High	Medium High	Medium Low	Low
	Levy	n/a	n/a	€480,317	€95,485	€9,999
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	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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

D5 — Member Firms of the Irish Stock Exchange which have been		Impact Category	Ultra High	High	Medium High	Medium Low	Low
	Levy	n/a	n/a	€480,317	€95,485	€9,999
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 2017. 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 Union (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	€480,317	€95,485	€9,999
	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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	€480,317	€95,485	€9,999
	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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 €9,999.

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	€93,262	€18,540	€2,599
	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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 Bank with sufficient funds to enable the 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	€74,585	€14,827	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 2017. 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	€3,390	n/a	n/a
	Umbrella	€3,390	€250	€155
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 €3,390.Umbrella funds shall also pay a contribution per sub-fund of €250 up to ten sub-funds and a further levy of €155 on sub-fund numbers greater than ten, to a maximum of twenty sub-funds, resulting in a maximum contribution for umbrella funds of €7,440.
		No. of Sub-Funds		Levy per Sub-Fund	Total Levy
	2		€250	€3,890
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		€250	€4,140
		4		€250	€4,390
		5		€250	€4,640
		6		€250	€4,890
		7		€250	€5,140
		8		€250	€5,390
		9		€250	€5,640
		10		€250	€5,890
		11		€155	€6,045
		12		€155	€6,200
		13		€155	€6,355
		14		€155	€6,510
		15		€155	€6,665
		16		€155	€6,820
	17		€155	€6,975
		18		€155	€7,130
		19		€155	€7,285
		20		€155	€7,440

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	€480,317	€95,485	€9,999
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 2017. 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 €9,999.

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 2017, 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

The amount of the levy will be calculated as follows:

Minimum Levy: €1,561 plusVariable Levy calculated as follows:

(A — B) * C

Where:

A = total of firm’s turnover reported to the Bank in section 6.2 of the most recently received Renewal Application for the entity.

B = threshold level of total ‘Turnover’ of €60,000; and

C = Variable Levy Rate of 0.957%.

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	€11,176
	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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	€1,009
	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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 13(4)	Each regulated entity falling within Regulation 13(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
M3 — Credit Servicing Firms		Levy	n/a	n/a	n/a	n/a	€42,603
	‘Impact Category’ is as recorded for the regulated entity in the Bank’s Probability Risk and Impact System (PRISM) as at 31 December 2017. 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 2017. 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
An Post in its capacity		Levy	n/a	n/a	€660,518	€181,204
as a Payment Service Provider
		Impact Category		Low
		Impact Score		Band 1	Band 2	Band 3
		≤51.0	51.1 - 100.0	≥100.1
		Levy		€3,245	€16,230	€146,450
	‘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 2017. ‘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,

26 October 2018.

ED SIBLEY,

Deputy Governor Prudential Regulation.

Irish Statutory Instruments

S.I. No. 445/2018 - Central Bank Act 1942 (Section 32D) Regulations 2018

	[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback]
	Irish Statutory Instruments
You are here: BAILII >> Databases >> Irish Statutory Instruments >> Central Bank Act 1942 (Section 32D) Regulations S.I. No. 445/2018 URL: http://www.bailii.org/ie/legis/num_reg/2018/0443.html