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Government to retain Ireland’s leading banks; €500 million tax concession for AIB, Bank of Ireland and PTSB

DUBLIN: The Finance Minister has said that the government has given concessions of €500 million to retain three of Ireland’s leading banks. This is due to the fact that these banks have been given less corporate tax bills.

Minister of Finance, Pascal Donohoe has reported that the government has lost €493 million over three years to the tax bills of three major commercial banks, AIB, Bank of Ireland and PTSB. The Finance Minister’s revelation came in a written reply to Labour Party finance spokesman, Ged Nash TD.

AIB was able to utilize tax losses of €267 million against its corporation tax bill, while Bank of Ireland utilized losses of €208 million and PTSB used losses of €18 million, the Minister said.

Mr Donohoe noted that the Bank of Ireland, AIB and PTSB had incurred a total of € 70 million of corporation tax charges in Ireland for the current year. In addition to the corporation tax payments, the State raised €295 million from the three banks via the bank levy between 2017 and 2019.

Between 2017 and 2019, AIB paid more than €133 million in the bank levy, Bank of Ireland paid €92 million and PTSB paid €70 million. However, Labour TD Mr Nash pointed out that the “levy in the scheme of things for the pillar banks is small”. Labour TD has demanded that the bank levy be raised to €400 million each year.

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