McGrath was determined to increase bank levy based on 'very significant profits' of lenders

Finance Minister Michael McGrath said he wanted to aim for a tax take that was 'considerably higher' than the €150m collected from the banks

Finance Minister Michael McGrath: Wanted to raise €175m from AIB Group, Bank of Ireland, and PTSB.

Finance Minister Michael McGrath was determined to increase the longstanding bank levy as he said there was every indication the banks were going to enjoy “very significant profits”.

In pre-budget discussions, Mr McGrath said he wanted to aim for a tax take that was “considerably higher” than the €150m collected from the banks, as they were doing very well and much of their profit was “sheltered from tax” due to the massive losses they incurred during the financial crisis.