Introduced in 2013, initially for a period of three years, the idea of the levy was to ensure that the banks made a contribution to the recovery of the economy after the bailout.

The levy has been extended on several occasions.

Its annual yield has been around €150 million, but that will fall in the year ahead as the Minister confirmed that Ulster Bank and KBC – which are departing the market – will be exempt.

“I am proposing that the remaining banks will pay the same amount in 2022 as they did this year. This equates to approximately €87 million in total,” Paschal Donohoe told the Dáil.

The Minister also said the levy would be assessed over the coming year.