Our objective is to provide appropriate policy advice to develop and advance the payments agenda.
The European Union (Payment Accounts) Regulations 2016 is a statutory instrument signed by the Minister for Finance under section 3 of the European Communities Act 1972 for the purposes of transposing Directive 2014/92/EU of the European Parliament and the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features.
The Payment Services Directive was introduced in 2007 with the aim of harmonising payment services across Europe.
The Interchange Fee Regulation was published in the Official Journal of the EU on 19 May 2015 and entered into force on 8 June 2015. It introduces a new set of business rules for payment card schemes along with caps for the interchange fees charged on all card transactions. It aims to create a payments environment which will nurture competition, innovation and security to the benefit of all stakeholders and consumers in particular.
The National Payments Plan was launched in April 2013. It aims at making significant savings to the economy by increasing the use of electronic forms of payment such as debit cards and electronic banking.
The Department’s primary responsibilities in relation to coins are the following:
- Approval in relation to commemorative and collector coins
- Approval for use of image of coins