Richard Bruton (Dublin North Central, Fine Gael)
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Question 424: To ask the Minister for Transport the amount of interest paid by his Department to contractors or to others due payments from his Department on account of late settlement of the amount due; the rate of interest applying to late payments; and if he has satisfied himself that all efforts are made to pay promptly. [3201/06]

Martin Cullen (Waterford, Fianna Fail)
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In accordance with the Prompt Payment of Accounts Act 1997 and European Communities (Late Payment in Commercial Transactions) Regulations 2002, the amount of interest paid to contractors or to others due to late settlement of payments on account for the year ended 31 December 2005 was €103. The interest rate chargeable for late payment, as set out in the regulations, is the relevant European Central Bank, ECB, rate plus seven percentage points, currently 9.25%.

It is the policy of my Department to ensure that all invoices are paid promptly. The low level of prompt payment interest payable reflects the system of internal control in place to ensure that all payments are, in as far as possible, paid before their due date.