Oireachtas Joint and Select Committees
Thursday, 18 June 2015
Public Accounts Committee
Business of Committee
10:00 am
Mr. Seamus McCarthy:
It is compensation that if there is a late payment, a public sector purchaser is required to pay compensation. It is specified in law. One does not have a choice in relation to the matter, if the payment is more than 30 days after the receipt of the invoice and the matter is not disputed. There was originally a provision to pay interest on moneys that had not been paid to suppliers but, in addition, since 2013 there has been a further requirement to pay a compensation figure, and they did not implement that. By the end of 2014, the total compensation that had not been paid to suppliers amounted to €9 million.
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