Bank (Recovery and Resolution) Administrative Levy Order 2022
Feedback
We asked
We asked for views regarding the proposed levy to fund the operational costs of the Resolution Authority.
You said
We received six responses. Four of the respondents queried whether the proposed basis of allocation of costs was equitable and whether this might be reviewed in future.
The main comments received, and the Authority’s views on those comments, can be found in the consultation response document attached.
We did
If approved by Tynwald, the new bank levy is expected to come into force on 31 July 2022.
Results
Files:
- Consultation Response Bank (Recovery and Resolution) Administrative Levy Order 2022 CR22-03, 474.2 KB (PDF document)
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.
Areas
- All Areas
Audiences
- All residents
Interests
- Finance
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