Written Answers Nos. 171 - 185
171. Deputy Naoise Ó Muirí asked the Tánaiste and Minister for Finance if he will provide an update on the introduction of a new savings and investment account; when the framework for this scheme will be published; and if he will make a statement on the matter. [39885/26]
View answer209. Deputy Joe Neville asked the Tánaiste and Minister for Finance the measures that will be included in his proposed investment scheme; and the benefits that people should receive from it; and if he will make a statement on the matter. [39886/26]
View answerI propose to take Questions Nos. 171 and 209 together.
One of the aims of the Savings and Investments Union is to create better financial opportunities across the EU, providing people with more opportunities to invest and provide for their current and future prosperity.
In September 2025, the European Commission adopted a Recommendation on increasing the availability of Savings and Investment Accounts (SIAs) in Member States and this included an outline of their key characteristics.
Ireland still does not have a sufficiently diversified savings and investment culture. Too much of people’s hard-earned savings remains in low-yield deposits, where inflation can erode value over time. Deposit accounts are right for many people and for many needs. But they should not be the only practical option. Investment in capital markets can offer households another path to long-term financial wellbeing, while also supporting growth and competitiveness in the wider economy.
The tax treatment of retail investments was considered as part of a broader review into the funds and asset management sector in Ireland, which culminated in the ‘Funds Sector 2030’ report that was published in October 2024.
In recognition of the importance of encouraging retail investment, Budget 2026 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38% which took effect from 1 January 2026.
In addition, Budget 2026 also included a commitment to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills.
The roadmap, which will be published in the coming months, will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Commission's Recommendation to member States on introducing an investment account and continue to draw upon best practice in other countries who operate successful savings accounts.
At the recent Savings and Investment Forum, I announced the Government’s intention to introduce the legislative framework for an Investment Account in 2026. We want to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them over time.
The aim is to legislate for the framework in 2026 and to allow accounts to be offered from 2027. The account will be designed as a simple, one-stop option for individuals. It will also be a key part of a broader rethink of the taxation of retail investment. The Government’s view that the account should be simple, accessible, tax efficient, easy to administer, low cost and transparent on fees and portable across borders where possible.
In terms of designing the model that best fits the Irish economy and the needs of Irish households, the views of relevant experts are being considered as well as learning from best international practices.
Officials in my Department are currently developing policy options regarding the investment account framework which will form part of the deliberations for Budget 2027 over the coming months.
172. Deputy Pa Daly asked the Tánaiste and Minister for Finance if he has considered introducing a windfall tax on energy companies; if he has raised this with other EU member states; if he will make this a priority during Ireland's EU Presidency; and if he will make a statement on the matter. [39598/26]
View answerThe current energy market disruption and implications for long-term energy security, together with the imperatives of decarbonisation and increasing the production of renewable energy, are central to many discussions at Ministerial and official level in EU fora.
The European Commission’s AccelerateEU communication addresses the EU’s rising energy costs on volatile fossil fuel markets and aims to accelerate the clean energy transition and strengthen EU energy resilience. While the communication notes that Member States may take domestic measures with regard to windfall profits, no EU-wide approach has as yet been agreed.
As the Deputy may be aware, a Temporary Solidarity Contribution (TSC) was introduced in line with Council Regulation (EU) 2022/1854 of 6 October 2022 to tackle windfall gains being made in the energy sector at the time, following the commencement of war in Ukraine. The TSC formed part of a co-ordinated European response, reflecting the highly interconnected nature of EU energy markets and a view that an emergency intervention to mitigate the effects of high energy prices at the time could not be sufficiently achieved by Member States individually.
It continues to be the Government’s view that tackling the energy crisis in a coordinated way between EU Member States is preferable, given the interconnectedness of EU energy markets.
In this context, windfall contributions and broader energy market developments continue to be a central focus of many EU discussions and Ireland will engage constructively with its EU partners, including during its forthcoming EU Presidency, to ensure any response is coordinated and effective.
The Government is conscious of the increased financial pressure on households and businesses arising from the ongoing conflict in the Middle East. In response, the Government has introduced temporary and targeted measures to reduce fuel prices for households and businesses, with additional supports for key sectors of the Irish economy. This includes the reduction of excise on petrol and diesel, extending the fuel allowance season by a further four weeks, and targeted relief to haulage and bus passenger operators. Measures have also been taken to assist farmers, agricultural contractors and fishers facing unprecedented increases in fuel costs. Alongside this, work is ongoing through the National Energy Affordability Taskforce to identify further measures to enhance energy affordability.
173. Deputy Edward Timmins asked the Tánaiste and Minister for Finance to abolish the RZLT being applied to local authorities; and if he will make a statement on the matter. [39882/26]
View answerResidential Zoned Land Tax (RZLT) is an annual tax, calculated at a rate of 3% of the market value of the land within its scope, known as a relevant site. Relevant sites are identified by reference to maps published by local authorities, which are revised on an annual basis, and reflect land that the local authority has determined meets the relevant criteria for the tax, being that the land is zoned for residential or mixed-use (including residential) purposes and that it is serviced. Owners of such land, including local authorities, are required to register and pay the tax by 23 May each year.
Information in respect of the amount of residential zoned land tax collected to date, including registrations and returns by local authorities, is published on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statistics/property-taxes/yearly-stats/2026/index.aspx.
The Deputy should be aware that as much as possible, it is important to treat all landowners in a similar way in relation to the application of RZLT. Consequently, if we were to exempt one group of landowners such as local authorities whilst applying the tax to others who may have equally compelling reasons from an economic activity perspective to seek an exemption, there is a risk of a legal challenge to the legislation.
174. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance if the situation that has arisen with the liquidation of a company (details supplied) will prompt a review of the way in which the Central Bank oversees the sale of unregulated investments through regulated brokers; whether consideration will now be given to ensuring clearer and stricter guidelines are given to brokers regarding warnings to investors about investments; and if he will make a statement on the matter. [39597/26]
View answer216. Deputy Ruairí Ó Murchú asked the Tánaiste and Minister for Finance if he is aware of the situation that has arisen with the liquidation of a company (details supplied) where more than 1,000 shareholders are pensioners who invested almost all their pension lump sum in unregulated loan notes investments, are now facing losses of 94%; and if he will make a statement on the matter. [39596/26]
View answerI propose to take Questions Nos. 174 and 216 together.
The Central Bank is the independent regulator for financial services and as such it determines what measures or actions need to be taken in relation to any potential, or actual, wrongdoing by regulated financial service providers.
On the specific matter of the sale of unregulated investment products in this jurisdiction, European and Irish legislation requires the regulation of financial services firms providing investment services in relation to investment products. The law is prescriptive and lists the various type of investment services and investment products that are regulated. Regulated firms may also sell investment products which are not specifically mentioned in the law (i.e. unregulated products). Consequently, regulated firms are not prohibited from providing services in relation to unregulated products. Where they do so, certain investor protections, which apply to regulated activities, are not applicable to unregulated products.
In addition, the Central Bank recently reviewed the Consumer Protection Code (CPC) which is the Standards for Business Regulations and Consumer Protection Regulations. The CPC review included a review of the rules around the sale of unregulated products by regulated entities. As part of the review, the Central Bank held a public consultation on its proposed changes to the CPC. The CPC has been updated, and changes came into effect in March 2026. The revised Consumer Protection Code sets out requirements that apply to regulated entities when providing unregulated financial products and services.
Under the Code’s Standards for Business, firms are required to ensure that all information they provide to customers is presented in a way that seeks to effectively inform the customer.
Under the Securing Customers’ Interests Supporting Standards for Business, firms are required to take appropriate steps to mitigate the risk that a customer will understand an activity to be, or to carry the protections of, a regulated activity where this is not the case. There are additional disclosure requirements to ensure firms enable customer understanding of the status of unregulated products and services provided. This includes the requirement for website information on regulated activities to be kept separate, and the requirement for firms to have systems and controls, processes, policies, and procedures to achieve certain outcomes for consumers.
Consumers may have recourse to the Financial Services and Pensions Ombudsman (FSPO) in relation to financial services provided to them by regulated firms. The FSPO is the statutory body tasked with the investigation, mediation and adjudication of complaints about the conduct of financial or pension service providers. If a consumer wishes to pursue a complaint in relation to a regulated financial service provider, they must firstly make a complaint to the provider. If the complaint is not resolved, they can then make a complaint to the FSPO.
175. Deputy William Aird asked the Tánaiste and Minister for Finance if steps are being taken to establish a national flood insurance scheme to protect homeowners, renters and businesses increasingly exposed to flood risk; and if he will make a statement on the matter. [39595/26]
View answerThe Government remains committed to protecting Ireland’s present and future generations by investing in climate adaptation measures to manage the impacts of extreme weather. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan (NDP) to 2030. This will protect approximately 23,000 properties across various communities from river and coastal flood risk. While Ireland has an above average rate of flood cover relative to the EU, it is acknowledged that some households are still experiencing difficulties.
The Central Bank of Ireland has undertaken extensive research into the nature and scale of the Flood Protection Gap in Ireland. They found that 1 in 20 buildings (approximately 5%) have limited access to flood insurance; and that 54% of this gap is concentrated in Dublin, Cork, Louth, Clare, and Kildare. The Central Bank are of the view that Ireland has “broadly managed flood risk to date” and the Report also notes that no single solution exists to address the flood protection gap.
Building on the work carried out by the Central Bank, the Action Plan for Insurance Reform 2025-2029 includes 4 specific actions on flood and climate protection. With respect to Action 17 of the Action Plan, the Department of Finance is currently engaging with multiple stakeholders on the development of a long-term strategic approach to the provision of flood insurance, to consider potential solutions, specific to Ireland, to increase the availability and affordability of flood insurance.
Officials are also continuing to monitor developments at EU and international level and assess flood insurance matters, including through participation in the OPW and Insurance Ireland Working Group. These matters remain a priority for this Government and efforts continue to be made to encourage a responsive approach from the insurance industry. In this regard, the Cabinet Sub-Group on Insurance Reform will consider the matter at its meeting that is scheduled to take place later this week.
176. Deputy Peter Roche asked the Tánaiste and Minister for Finance for an update on the work to review and replace the disabled drivers and disabled passengers scheme, particularly in light of ongoing concerns regarding the criteria for the primary medical certificate; the progress made since last year toward developing a needs-based, grant led vehicle adaptation support scheme; the level of engagement between his Department and the Department of Transport on the development of the new scheme; and if he will make a statement on the matter. [39876/26]
View answer193. Deputy Darren O'Rourke asked the Tánaiste and Minister for Finance if applications to the disabled drivers and disabled passengers scheme will continue to be accepted and processed in full pending the introduction of a new grant-based vehicle adaptation scheme; if any interim changes will be made to the existing scheme, including to the eligibility criteria for the primary medical certificate; and when the report prepared under the National Disability Inclusion Strategy on reform of vehicle adaptation supports will be published. [38915/26]
View answerI propose to take Questions Nos. 176 and 193 together.
The Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme or DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual.
Under the aegis of the Department of the Taoiseach, the sub-group convened to progress the National Disability Inclusion Strategy proposals for a needs-based, grant-aided, modern vehicle adaptation supports to replace the DDS, generated a report that was submitted to the Department of the Taoiseach. In considering this report, it has been proposed that a new grant-based scheme be developed and led by the Department of Transport.
The Department of Transport is beginning the development of this new scheme. The existing DDS remains with the Department of Finance and will continue to be reviewed in the context of new scheme developments by the Department of Transport.
Department of Finance officials have ongoing engagement with Department of Transport officials to discuss the review of the Disabled Drivers and Disabled Passengers Scheme and the development of the new scheme by the Department of Transport.
As the Deputy will be aware, when this government took office, we committed to a step change in the delivery of supports and services for people with disability and their families.
Budget 2026 is the first step in delivering on this ambition, providing some €3.83 billion to specialist disability services next year, an unprecedented increase of €618 million, or almost 20%.
This funding will be vital in delivering the National Human Rights Strategy for Disabled People. The commitment to develop a new scheme by the Department of Transport, and in this context review the Disabled Drivers and Disabled Passengers Scheme, are strong commitments in this strategy.
177. Deputy Paul Murphy asked the Tánaiste and Minister for Finance the action he plans to take in response to research published by his Department finding that employment among 15-29 year-olds in ICT fell by over 20% between 2023 and 2025; and if he will make a statement on the matter. [39410/26]
View answerArtificial Intelligence is rapidly moving from development into real-world deployment, and as one of Europe’s most digitally advanced economies, Ireland is likely to be at the forefront of these changes.
We are seeing this reflected in skills demand. Job postings data highlights that our labour market is currently undergoing rapid change, with 13 per cent of all job postings mentioning AI-related terms as of April 2026, up from 3 per cent just two years earlier.
My Department has been active in assessing the emerging impact of Artificial Intelligence on our labour market. My Department’s latest Economic Insight publication, published in February, suggests that AI is already influencing employment patterns in Ireland. Since 2023, sectors that are relatively exposed to AI have experienced weaker employment growth relative to less-exposed sectors, with these effects strongest among younger workers in highly digitised sectors.
At the same time, we know that AI presents significant opportunities to enhance productivity and strengthen our competitiveness. Indeed, my Department’s Future Forty publication emphasised the importance of delivering improvements in our productivity through the application and development of digital technologies, including AI.
This Government is committed to ensuring that Ireland will continue to be a global leader in the development and adoption of new digital technologies. Our new National Digital and AI Strategy, published in February of this year, sets out a whole-of-Government approach to drive the adoption of trustworthy, person-centred AI for our collective good. That means equipping our workforce with cutting edge skills, strengthening digital literacy and public trust, and helping workers navigate potential job displacement through agile, and accessible upskilling and reskilling opportunities.
178. Deputy Naoise Ó Cearúil asked the Tánaiste and Minister for Finance if, in developing the investment account framework and the 2026 roadmap on retail investment taxation, consideration will be given to age-specific or child-focused investment options; and if he will make a statement on the matter. [39602/26]
View answerWork is continuing on the development of the roadmap on the taxation of retail investment announced in Budget 2026, which will be published in the coming months. The roadmap will set out an approach to simplify and adapt the tax framework to further support retail investment, while retaining necessary and important anti-avoidance protections in a proportionate manner. The work underway on the roadmap includes consideration of the recommendations of the Funds Sector 2030 Report.
As the Deputy notes, a key aspect of the roadmap will also be the introduction of a new investment account, aligned with the European Commission’s recommendation for Member States to introduce a Savings and Investment Account.
At the Savings and Investment Forum on 31 March, I announced my intention to introduce the legislative framework for an investment account in Ireland in 2026. The account should be simple, accessible, tax efficient, easy to administer, and transparent on fees.
In terms of designing the model that best fits the Irish economy and the needs of Irish households, the views of relevant experts are being considered as well as learning from best international practices. Investment accounts for children are a policy option which a number of countries have pursued.
Officials in my Department are currently developing policy options regarding the investment account framework which will form part of the deliberations over the coming months, ahead of Budget 2027.
179. Deputy Albert Dolan asked the Tánaiste and Minister for Finance the level of fiscal space currently available to respond to a potential energy-driven cost-of-living shock; whether provision has been made for additional supports if required; and if he will make a statement on the matter. [26600/26]
View answerThis Government is acutely aware of the challenges people are facing as a result of energy price shock and has acted with supports worth over €750 million to help insulate households and businesses from the worst impacts of rising costs.
The capacity to respond in a timely and targeted way to help with this energy price shock is a result of solid budgetary management in recent years. My Department recently forecast a General Government surplus for 2026 of just over €9 billion. This reflects that we continue to make transfers to the Future Ireland Fund and Infrastructure, Climate and Nature Fund. The economy is forecast to continue to grow, albeit at a slower pace than previously forecast due to the conflict in the Middle East, which remains highly fluid and uncertain.
We have demonstrated that we stand ready to adjust our response, as the situation requires, while also ensuring our approach to overall budgetary policy remains balanced and sustainable in the medium-term. The Government remains committed to the fiscal strategy set out in the Medium-Term Fiscal and Structural Plan.
180. Deputy Catherine Ardagh asked the Tánaiste and Minister for Finance for an update on the implementation of the Motor Insurance Transparency Code; and if he will make a statement on the matter. [39600/26]
View answerThe Motor Insurance Transparency Code, published in March 2026 as part of the Government’s Action Plan for Insurance Reform 2025–2029, involved strong industry engagement. Approximately 98% of the private motor market and 2.2 million policyholders will be covered by the code when it is fully implemented. This represents a significant step forward in improving transparency, trust and consumer understanding in the motor insurance market.
The Code was developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland. This working group continues to meet regularly to support implementation and monitor progress.
Implementation is currently underway on a phased basis, supported by staff training, updated consumer documentation, and strengthened governance within firms. It is expected that policyholders will begin to see the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement, in quotation and renewal documentation from Q3 2026 onwards.
The Code will be formally reviewed within 18 months of implementation, with the Central Bank of Ireland providing a report to the Minister for Finance on firms’ adherence to the Code and its impact in enhancing transparency for consumers.
The Department of Finance and the Central Bank will continue to engage closely with industry through the working group to ensure effective implementation and to support the ongoing development of the Code.
181. Deputy Catherine Ardagh asked the Tánaiste and Minister for Finance if there are plans to introduce transparency codes for other insurance products; and if he will make a statement on the matter. [39601/26]
View answerThe Motor Insurance Transparency Code was launched on 2 March of this year as a priority measure under the Government’s Action Plan for Insurance Reform 2025–2029 to enhance transparency, clarity, and consumer understanding in the motor insurance market.
The implementation of the Code will take place on a phased basis, supported by staff training, updated consumer documentation and strengthened governance. It is expected that policyholders will begin to see the benefits of the Code, most notably through the Premium Summary Statement and Annual Market Overview Statement, in quotation and renewal documentation from Q3 2026 onwards.
The first review of the Code will take place within 18 months of implementation, and the Central Bank of Ireland will provide a report to the Minister for Finance in relation to its observations of insurers and intermediaries adherence to the Code and its impact. This Code applies to private motor insurance policies and the benefits of this Code to consumers will need to be considered in the context of private motor insurance in the first instance. Of course, widening its application to other insurance products is something that can be considered at a future point.
By promoting more consistent communication, the Code will support the Government’s broader goal of a transparent, competitive, and consumer-focused insurance sector, which delivers tangible improvements in cost, choice, and access for all consumers.
182. Deputy Peadar Tóibín asked the Tánaiste and Minister for Finance the amount that was collected in all fuel taxes for the first four months of the past five years, by type. [39407/26]
View answerI am advised that the receipts collected from MOT, SFCT and NGCT, together with an estimate of VAT receipts from fuels, for the first four months of 2026 and for the same period in each of the previous five years is set out in the below table.
|
Year |
MOT €m |
SFCT €m |
NGCT €m |
VAT €m |
Total €m |
|
2026 |
1,031.4 |
10.3 |
75.5 |
292* |
1,409 |
|
2025 |
1,006.0 |
10.3 |
67.1 |
321 |
1,404 |
|
2024 |
901.8 |
12.0 |
57.8 |
333 |
1,305 |
|
2023 |
722.9 |
10.0 |
49.5 |
337 |
1,119 |
|
2022 |
829.6 |
12.5 |
43.7 |
358 |
1,244 |
* VAT is for the period January to March 2026
In relation to VAT, I am further advised by Revenue that traders are not required to identify the VAT yield generated from the supply of specific goods and services on their VAT returns. Therefore, it is not possible to provide the VAT yield on all fuel and energy related products and services using taxpayer information alone. However, using Revenue and third-party data sources, a tentative estimate of the VAT generated on fuel and energy products can be provided.
I am further advised by Revenue that a breakdown of excise receipts for 2024 and prior years is available on the Revenue website at www.revenue.ie/en/corporate/information-about-revenue/statistics/excise/receipts-volume-and-price/excise-receipts-commodity.aspx.
As the Deputy will be aware, schemes such as the VAT deduction scheme, the double income tax relief scheme and the Diesel Rebate Scheme mean that a significant portion of revenue raised from taxation of fuels is repaid to economic operators who are availing of these schemes.
183. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance regarding his Department's responsibility for implementing sanctions relating to Russian actions in Ukraine, whether his Department prepared or received any official advice regarding the Aughinish Alumina plant; and if he will make a statement on the matter. [39702/26]
View answerRestrictive measures, or sanctions as they are generally referred, are a tool of the EU's Common Foreign and Security Policy. Ireland implements EU sanctions, and it also implements UN sanctions via EU sanctions. Ireland has three competent authorities for all sanctions: the Department of Foreign Affairs and Trade, the Department of Enterprise, Tourism and Employment, and the Central Bank of Ireland. The Central Bank is responsible for the administration and enforcement of financial sanctions.
EU sanctions have direct effect in all Member States of the EU, and they are legally binding on all natural and legal persons in Ireland. As such, a natural or legal person who contravenes a provision of an EU sanctions regulation would be guilty of an offence and liable to prosecution. While EU Regulations have direct effect, each Member State is required to create offences and lay down penalties applicable to infringements of the EU Regulations in domestic law. My Department plays an important role in relation to sanctions policy, and it, alongside the Department of Enterprise, Tourism and Employment, is responsible for preparing the requisite Statutory Instruments to establish these offenses and give effect to the penalties.
Ireland has supported strong targeted sanctions in response to Russia’s unjust and illegal invasion of Ukraine in February of 2022. These sanctions are the most expansive and hard-hitting sanctions in EU history. Over 2,700 individuals and entities are now subject to EU restrictive measures. Since February 2022 in excess of €300 billion in assets have been frozen and immobilised across the EU. An unprecedented range of sectoral measures against Russia have been adopted, including measures targeting the financial, energy, technology, defence, media and transport sectors with a view to limiting Russia’s ability to wage its illegal war in Ukraine and access battlefield goods and technology.
I am aware of recent media reports about exports from Aughinish Alumina plant and I take the matters raised in these reports very seriously. The Department of Enterprise, Tourism and Employment is currently investigating these matters. I am not in a position to comment while an investigation is ongoing. In the context of my Department’s responsibilities for implementing sanctions relating to Russian actions in Ukraine, to date my Department neither prepared or received any official advice regarding the Aughinish Alumina plant.
184. Deputy Conor D. McGuinness asked the Tánaiste and Minister for Finance further to Parliamentary Question No. 2480 of 6 May 2026, if he will confirm that his Department was contacted by the journalist who broke the story relating to the consultancy spend on IT by the Central Bank; and the reason the answer to the PQ was not sent to the Member of the Oireachtas asking the Parliamentary Question, or put up on the Oireachtas website, which still does not have the answer as of the 19 May 2026. [39604/26]
View answerIn relation to Dáil Question No 2480, my Department’s press office released the answer to the PQ in error.
My Department will ensure that this does not happen again.
Publication of responses to parliamentary questions on the Oireachtas website is a matter for the Oireachtas.
185. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the action he is taking on foot of his Department's advice to introduce new regulations that would ensure social media companies vet who can post adverts promoting financial investment schemes on their platforms; and if he will make a statement on the matter. [39700/26]
View answerMy officials have been undertaking a number of actions aimed at reducing the incidence rate of payment fraud, this includes actions aimed towards preventing the use of social media platforms for the advertisement of illegal and fake financial services.
The Payment Services Regulation has recently reached political agreement in the EU and includes several fraud prevention measures such as spending limits, expanded transaction monitoring, fraud information sharing arrangements, anti-fraud education and awareness initiatives, and cross-sector cooperation and data sharing between PSPs, communication service providers, and hosting services for the purpose of detecting and preventing fraud.
Crucially, the agreement also includes a requirement for search engines and social media platforms to verify that persons advertising financial services on their platforms have the necessary regulatory authorisation to provide those financial services. This measure is based on a proposal brought forward by Ireland during legislative negotiations.
In addition to fraud prevention measures the Payment Services Regulation will expand Bank liability from only cases of unauthorised payment fraud, to also include cases of impersonation fraud where the victim is manipulated into authenticating a payment by a person impersonating their Bank.
The Central Bank of Ireland has informed me that they are already engaging on a bilateral basis with certain technology companies, looking for them to introduce financial services advertisements verification on a voluntary basis, in this jurisdiction. Google introduced advertisement verification in November 2024 which has provided some positive results in relation to the reduction in the volume of fraudulent advertisements on Google platforms.
This mechanism, if operating effectively, should protect consumers from the harm posed by scam advertisements as it prevents consumers being exposed to those advertisements in the first place. The Central Bank also seeks to disrupt frauds and scams by reporting suspect content to internet service providers, including under the Trusted Flagger regime provided for in the Digital Services Act.
In addition to action taken at the EU level, domestically the National Payments Strategy makes several recommendations related to payment fraud. One key outcome has been the establishment of the BPFI anti-fraud forum. The anti-fraud forum fosters cross-sectoral cooperation in fraud prevention between key players such as banks, social media platforms, telecommunications, and regulatory authorities.
