Bank (Recovery and Resolution) Administrative Levy Order 2022

Overview

The purpose of the consultation is to obtain views on a proposed levy to fund the operational costs of the Resolution Authority. The consultation is particularly relevant to banks operating in the Island (other than Class 1(3) licence-holders, which are outside the scope).

Why your views matter

The consultation paper seeks views on the proposed content and timing of coming into operation of the Bank (Recovery and Resolution) Administrative Levy Order 2022.

What happens next

Following closure of the consultation period, the Authority will review the responses received and publish a Consultation Response document on the Authority’s website and the Isle of Man Government’s Consultation Hub.

Subject to any views received, it is proposed that the Bank (Recovery and Resolution) Administrative Levy Order will progress through Tynwald and come into operation later in 2022.