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Aug 14 2023, 07:05 IST/BST
Banks
Finance Minister confirms extension of Bank Levy
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 424c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 944c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 210c |
DAVY VIEW
The confirmation that the Bank Levy will be extended will not come as a surprise, albeit we await confirmation on quantum and calibration. Our base case remains that, regardless of its flaws, the current methodology will remain. The introduction of a ‘surplus tax’ in Italy has again increased perceived risk factors on political intervention – actual intervention has been the exception in Ireland and, most importantly, budgetary dynamics are quite different in Ireland and Italy as cost of living packages are put in place.
