Central Bank returns €300m more in profits than planned for

Central Bank returns €300m more in profits than planned for

The Government has been handed an unexpected budget boost from the Central Bank.

The bank has returned €1.7bn in profits to the taxpayer for 2014 - €300m more than planned for in the Budget.

It means the Government has extra leeway for tax cuts and spending increases in the Budget in six months' time.

The information has been released in the bank's annual report.

Central Bank governor Patrick Honohan is expected to announce plans to retire at the conference, stepping down before the end of the year.

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