The Central Bank plans to increase levies from €515 to €750, which were €145 in 2011.

According to both, the cumulative increase since 2011 will be 515% if the latest levy increase is approved. They say they were advised by the Central Bank that the most significant cause for the 2015 rise is the funding of the bank’s pension scheme which amounts to a cost of €29m.

In the joint letter the two issued to Minister Noonan, they ask him to explore other options in to find the pension cost “rather than passing this cost to the industry who are already struggling to survive”.

In August, Mr Kelly wrote a letter to Patrick Honohan, the Central Bank Governor, stating “the level of increase is neither acceptable to our members nor sustainable for our sector”.

A new levy rise needs Ministerial approval, and in a written Dail reply to Fianna Fail’s Michael McGrath and others Minister Noonan said he has not made a decision and is aware of the concerns raised by both associations.

According to the Central Bank, “the cost of regulation has grown over recent years, particularly due to [its] increased regulatory mandate”.