Dáil Éireann Debate, Wednesday - 12 May 2021
98. Deputy Jim O'Callaghan asked the Minister for Finance his views on a payment system (details supplied) being proposed by Ireland's main financial institutions; his views on whether it may affect competition within the sector; and if he will make a statement on the matter. [24821/21]
View answerFirstly, it should be noted that this proposed joint venture is subject to approval by the Competition and Consumer Protection Commission (CCPC) and as such it is not appropriate for me to comment on this proposed joint venture in more detail. I understand the CCPC will complete a detailed and robust examination and subsequently either approve, approve subject to commitments or block the proposed transaction.
I am informed by officials in the Central Bank of Ireland that any new arrangement must obtain the required regulatory approval and/or be held to the relevant oversight standards by the competent authority, if applicable. With regard to latter, the Eurosystem recently published information on a proposed harmonised oversight framework to meet the challenges posed by the evolving nature of the retail payment system. The proposed oversight framework for electronic payment instruments, schemes and arrangements (PISA) is based on the Principles for Financial Market Infrastructures (PFMIs). Under the PFMIs a payment arrangement should have objective, risk-based and publicly disclosed criteria for participation, which permit fair and open access.
