Payments Regulation

Our objective is to provide appropriate policy advice to develop and advance the payments agenda.

Key areas:

The Payment Services Directive was introduced in 2007 with the aim of harmonising payment services across Europe.

Since the transposition of the first Payment Services Directive in 2009 S.I. 383 of 2009, many technological developments have occurred in relation to payment services, and new players have entered the payments market.

The revised Payment Services Directive (“PSD2”) extends the provisions set out in the original Payment Services Directive by:

• regulating these new market players
• enhancing consumer protection
• ensuring competition
• harmonising the regulations across Europe

The European Union Payment Accounts Regulations 2016 is a statutory instrument signed by the Minister for Finance under section 3 of the European Communities Act 1972 for the purposes of transposing the Payment Accounts Directive on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features.

The Interchange Fee Regulation was published in the Official Journal of the EU on 19 May 2015 and entered into force on 8 June 2015. It introduces a new set of business rules for payment card schemes along with caps for the interchange fees charged on all card transactions.

It aims to create a payments environment which will nurture competition, innovation and security to the benefit of all stakeholders and consumers in particular.

The Department of Finance's primary responsibilities, in relation to coins, include:

• approving commemorative and collector coins
• approving the use of images of coins
• attending various meetings such as the National Cash Forum and the Euro Coin Sub Committee *engaging with currency issue division of the Central Bank