A total of €51,531 was paid by my Department in late payment interest and compensation to suppliers in the period 2017 to end August 2021. A total of €75,492,129 was paid to suppliers by the Department in that period. Of that total, some €1,311,704 of payments were subject to late payment interest and compensation. The €51,531 in interest and compensation paid to suppliers is broken down by year in the table below:
|
Year
|
Total Payments to Suppliers
|
Value of payments subject to Late Payment Interest and Compensation
|
Actual Late Payment Interest and Compensation
|
|
2017
|
€25,461,762
|
€535,848
|
€12,209
|
|
2018
|
€14,444,099
|
€175,032
|
€2,693
|
|
2019
|
€14,542,946
|
€109,894
|
€3,716
|
|
2020
|
€13,880,835
|
€321,805
|
€27,007
|
|
2021 (10 September)
|
€7,162,487
|
€169,125
|
€5,906
|
|
Total
|
€75,492,129
|
€1,311,704
|
€51,531
|
The importance of prompt payment is highlighted in my Department’s internal financial procedures. Regular awareness, information sessions and training on prompt payment is carried out with all relevant business units of the Department including through induction courses for new staff, refresher financial procedures courses for all staff, how-to videos on the staff intranet and regular reminders to staff particularly at holiday periods. Compliance with prompt payment obligations is monitored constantly and reported on quarterly.
A recent late payment review undertaken by the Department’s Internal Audit Unit recommended a number of additional measures which could be taken to strengthen internal controls and provide further guidance to staff on the importance of prompt payment. These recommendations are being implemented.
