Full details of the revised fees payable under the Banking Law (and other legislation administered by the Commission) appear in The Financial Services Commission (Fees) Regulations, 2017, but for ease of reference a summary is shown in the table below.
Sliding fees scale for licensed banks: The fees are chargeable from 01/01/18 and payable by 31/01/18. Fees are based on Assets Line E.9 as reported in the September 2017 quarterly BSL/2 return.
Fees Due 2018
TOTAL ASSETS AS AT SEPTEMBER 2017
Up to £499,999,999
£36,905
£500,000,000 to £999,999,999
Total assets multiplied by 0.000055995 with a minimum of £36,905
Above £1,000,000,000
£55,995
SUBSIDIARIES
Additional fee
25% of the relevant annual fee
RETAIL OPERATIONS
Additional fee
50% of the relevant annual fee
MULTIPLE BANKING OPERATIONS UNDER A SINGLE LICENCE
Additional fee
50% of the relevant annual fee
BRANCHES OUTSIDE THE BAILIWICK
Additional fee per branch outside the Bailiwick
£13,995
NEW BANKS APPLYING FOR A LICENCE
New Banks applying for a licence within the calendar year 2018 are required to pay an application fee of £36,905 and by the last day of the month in which the licence is granted, pay a further pro rata fee of one twelth of the relevant annual fee multiplied by the number of complete months between the licensing date and the end of that calendar year. Existing licensees establishing a branch outside the Bailiwick shall by the last day of the month in which the branch is established pay a fee of £1,166.25 multiplied by the number of complete months between the date of establishment and the end of the calendar year.
