Dáil Éireann Debate, Wednesday - 29 January 2014
44. Deputy Seán Ó Fearghaíl asked the Minister for Finance if he is concerned that reports that the implementation of the single euro payments area regulation may result in delays to the payment of salaries and welfare entitlements; if he had discussed with financial institutions how such delays can be minimised; and if he will make a statement on the matter. [4555/14]
View answerI have been informed by the Central Bank of Ireland, which is overseeing the implementation of the Single Euro Payments Area in Ireland, that progress on the migration to the new system has been under way for some considerable time. In recent months, a significant proportion of payments generated in Ireland have migrated to the two SEPA schemes, namely SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). It is expected that 95% of payments will be processed in SEPA by 1 February 2014 and the remaining 5% by 31 March 2014. I have asked the Central Bank to provide an update on progress and inform me of any prospective delays in the migration process and their immediate plans to address any such delays.
