Written answers

Tuesday, 26 February 2019

Department of Finance

Banking Sector Regulation

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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142. To ask the Minister for Finance the Irish banks that have to become compliant in advance of the impending PSD2 regulation. [9669/19]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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Directive (EU) 2015/2366 of the European Parliament and of the Council (PSD2) was transposed into Irish law through the European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018) by the common transposition deadline of 13 January 2018. From that date, all authorised credit institutions that provide payment services must comply with the provisions of the Directive.

In addition, a European Commission Delegated Regulation (2018/389 of 27 November 2017) supplementing PSD2 with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication applies from 14 September 2019. Credit institutions will be required to comply with the requirements of this Delegated Regulation from that date.


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