herald

Wednesday 23 January 2019

Bid to cut Quinn levy cost by 66pc

THE Central Bank's Patrick Honohan has proposed how the €600m Quinn Insurance levy could be raised -- potentially cutting the taxpayers' bill by 66pc.

The final decision on how much will be funded by Irish consumers is being left to the Finance Minister since it is "political, not regulatory".

The laws governing the Insurance Compensation Fund mean the levy can be charged on all insurance sold in Ireland, or all insurance policies sold by companies operating out of Ireland. If the minister decides to apply the levy across all insurance policies sold out of Ireland, then the hit to Irish consumers could fall to €200m. However, such a movewould be unpopular with Ireland's international insurers.

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