Dáil Éireann Debate, Tuesday - 14 October 2025
341. Deputy Richard Boyd Barrett asked the Minister for Finance the recourse available to an individual where they are affected by the collapse in a prepaid card company (details supplied); and the way in which they can retrieve their money. [54745/25]
Amharc ar fhreagraIn relation to PFS Card Services Ireland limited, I would note the following:
Interpath Ireland were appointed as the joint liquidators of PFS Card Services Ireland Limited (In liquidation) (the “Joint Liquidators”). In the process of undertaking the liquidation they have applied to the Irish High Court for direction in respect of the proper interpretation of certain provisions of the European Communities (Electronic Money) Regulations 2011 (SI No 183/2011) (as amended), as it relates to the treatment and return of remaining cardholder funds (the “Directions Application”).
The High Court direction is required before the Joint Liquidators can finalise the process which cardholders will be required to follow to claim any outstanding funds. The hearing of the Directions Application took place on Tuesday, 22 July 2025 and Wednesday, 23 July 2025, however, the date when the High Court will deliver its direction decision is not currently known.
Until such time as the Joint Liquidators have received direction, the ability for cardholders to receive their outstanding funds is suspended, with balances remaining on cards frozen i.e. individuals cannot use their cards.
Whilst funds remain frozen, they continue to be required to be safeguarded in accordance with the Company’s obligations under the European Communities (Electronic Money) Regulations 2011 (as amended).
Further information for cardholders, including how to join a mailing list for further updates, is available on interpath.com/pcsil/.
Under the National Payments Strategy published in October 2024, the Department of Finance is examining, with input from the Central Bank, the need to provide the Central Bank with liquidation powers in order to manage failing payment or electronic money institutions.
