Dáil Éireann Debate, Tuesday - 25 June 2024
136. Deputy Carol Nolan asked the Minister for Finance the requirements that are in place for financial institutions in respect of lodgements made by customers; and if he will make a statement on the matter. [27011/24]
View answerThe Directive 2015/2366/EU on payment services was transposed into Irish law by the European Union (Payment Services) Regulations, 2018 (S.I. No.6 of 2018).
The Payment Services Regulations set out that where a payment service user that is a consumer places cash on a payment account with a payment service provider (in the currency of that payment account), the payment service provider shall ensure that the amount is made available and value dated immediately after receipt of the funds.
The Payment Services Regulations further provide that where a payment service user that is not a consumer places cash on a payment account with a payment service provider (in the currency of that payment account), the amount shall be made available and value dated not later than the following business day after receipt of the funds.
The Central Bank of Ireland's Consumer Protection Code 2012 also requires regulated entities to retain details of individual transactions for six years after the date on which the particular transaction is discontinued or completed.
