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Tax Code

Dáil Éireann Debate, Tuesday - 5 April 2022

Tuesday, 5 April 2022

Ceisteanna (241)

Cathal Crowe

Ceist:

241. Deputy Cathal Crowe asked the Minister for Finance if the 2.5% transaction charge applicable to transactions handled by a company (details supplied) emanating from Northern Ireland versus the 1.4% fee applicable to those that originate in the Republic of Ireland is congruent with the Brexit agreement and financial protocols in it; and if he will make a statement on the matter. [17611/22]

Amharc ar fhreagra

Freagraí scríofa

Over the past few years, my Department has worked closely with the Central Bank of Ireland to limit the impact of key identified risks in the Irish financial system and to ensure that the sector was adequately prepared for Brexit. My Department and the Central Bank continue to monitor developments and activities in the financial sector.

However the issue raised by the Deputy is not a direct consequence of Brexit and is not related to the EU-UK Trade and Cooperation Agreement, and is instead a commercial decision.

In that context, I am informed by the Central Bank of Ireland that in accordance with its Consumer Protection Code 2012, regulated firms, including Payment and Electronic Money institutions, must ensure that in all dealings with customers and within the context of their authorisation, they make full disclosure of all relevant material information, including all charges, in a way that seeks to inform the customer.

It should be noted that the charging of fees is a commercial decision for regulated entities, within the parameters of the regulatory framework. In accordance with Regulation 78 of SI No.6 of 2018 European Union (Payment Services) Regulations, in the event that a payment service user rejects changes proposed by a payments service provider, the payment service user has the right to terminate the framework contract free of charge and with effect at any time before the date when the changes would have applied had the payment service user not rejected the changes.

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