Minister hits out at financial institutions as he welcomes plan to extend bank levy into 2024
In remarks to the Business Post Mr McGrath said it was his intention to recommend to Government that the levy – due to expire this year – be extended into 2024. He said the details like the scope of the levy, its rate and duration “require further consideration and this work is ongoing as part of the budgetary process”.
Mr Harris, the Minister for Higher Education, said on Sunday: “it would have been pretty ludicrous to allow the bank levy expire this year because of the very serious situation that we see in terms of inflation, the cost-of-living crisis and, quite frankly, in terms of people in this country feeling they’re getting fleeced by certain financial institutions”.
He said that mortgage interest rates have increased at the same time that savers were not benefiting from the interest rate hikes. It is “offensive” for Irish banks “to be complete and utter laggards when it comes to passing on the benefits to those who have money on deposit in relation to interest rates”.
Mr Harris also signalled that last year’s once-off reduction in third-level fees and an extra payment for students in receipt of maintenance grants would be considered again in talks leading up to the budget. The student contribution fee was cut from €3,000 to €2,000 last year as a once-off cost-of-living measure, while those in receipt of grants got an extra €679 payment in 2022.
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