Michael McGrath (Cork South Central, Fianna Fail)
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82. To ask the Minister for Finance the progress State-supported banks have made on Payment Services Directive II, PSD2; the potential implications for not implementing the directive; the potential implications for non-compliance in time; and if he will make a statement on the matter. [5267/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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In relation to the Payment Services Directive II (PSD2), I have received the following comments.

AIB

"AIB has implemented all aspects of PSD II which came into effect on 13 January 2018 and is on track to implement the remaining articles once the final Regulatory Technical Standards (RTS) has been published and its implementation date agreed."

PTSB

"Permanent TSB implemented PSD2 on the 13^thJanuary 2018 and updated and communicated to customers the changes in Terms and Conditions accordingly."

Statutory Instrument No. 6 of 2018 – European Union (Payment Services) Regulations 2018 – deals with PSD2. Section 134 sets out the penalties for offences under Statutory Instrument No. 6 which are listed under sections 126-131. Statutory Instrument No. 6 can be found at the following link:

http://www.finance.gov.ie/wp-content/uploads/2018/01/18012-S.I.-No.-6-of-2018-European-Union-Payment-Services-Regulations-2018.pdf 

Michael McGrath (Cork South Central, Fianna Fail)
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83. To ask the Minister for Finance the progress State-supported banks have made on the Markets in Financial Instruments Directive II, MiFID II; the potential implications for not implementing the directive; the potential implications for non-compliance in time; and if he will make a statement on the matter. [5268/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, the Markets in Financial Instruments Directive II came into effect at the beginning of this year.

AIB have provided me with the following comment:

"MiFID II obligations which were due for 3 January have been assessed and the relevant updates have been applied to the AIB business model. Elements that are phasing in post this date are in development and are currently on track for delivery."

PTSB have provided me with the following comment:

"Permanent TSB has addressed the requirements of the Markets in Financial Instruments relating to its business."

The European Union (Markets in Financial Instruments) Regulations 2017 – Part 2, Chapter 4 of Statutory Instrument 375 of 2017 – lists applicable sanctions. The Statutory Instrument can be found at the following link:

.