Ciarán Lynch (Cork South Central, Labour)
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I have a question for Mr. Fielding and Mr. Sheridan. I refer to the upcoming implementation of the single euro payments area, SEPA. This is a standardised electronic payments system across 32 associated countries of the SEPA region. The purpose is to allow transactions on a major contract by a company that may have people working in Britain or other countries. I was in Turkey last week, where Project Management Group in Cork has opened up a new office, and such a company may make payments to workers there. The intention is that the system will reduce business operation costs with regard to payments. My understanding is that the system is without charge. Is that correct?