The issue of late payment is covered by the European Communities (Late Payment in Commercial Transactions) Regulations 2002 (S.I. No. 388 of 2002).
Under these Regulations, it is an implied term of every commercial transaction that where a purchaser does not pay for goods or services by the relevant payment date, the supplier shall be entitled to interest ("late payment interest") on the amount outstanding. In the absence of any agreed payment date between the parties (i.e. specified in the contract), late payment interest falls due after 30 days has elapsed, provided the invoice is not subject to query. Interest applies until such time as payment is made by the purchaser. The current late payment interest rate from 1 January 2012 is 8% (that is based on the ECB rate of 1% plus the margin of 7%). The Regulations also provide for compensation for debt recovery costs.
The above Regulations repealed Sections 4 to 11 of the Prompt Payment of Accounts Act 1997 (No. 31 of 1997). Sections 1 to 3 and 12 to 16 of the 1997 Act remain in force.
A Ministerial Order made in 2000, under Section 3 of the 1997 Act, entitled the Prompt Payment of Accounts Act 1997 (Amendment of Schedule) Order, 2000 (S.I. No. 383 of 2000), the Schedule to the Order, includes under the definition of "purchasers":
"A Minister of the Government having charge of a Department of State, in respect of the functions for the carrying out of which that Department is responsible to the Minister (including any office or body, not otherwise specified in this Schedule, of such Department, in relation to which functions are vested in the Minister) and whether or not referred to as the Minister, the Department or that office or body".
Accordingly, the National Asset Management Agency, which was established by the National Asset Management Agency Act 2009, and which publishes an Annual Report to the Minister for Finance is already covered by the provisions of the European Communities (Late Payment in Commercial Transactions) Regulations 2002 (S.I. No. 388 of 2002).