Catherine Murphy (Kildare North, Social Democrats)
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42. To ask the Minister for Finance the amount paid in late payment interest payments for goods and services provided to his Department in each of the years from 2016 to date in 2023; and separately, the top five highest late interest payments made in each of those years, and the service and goods supplier that received the payments, in tabular form. [52646/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The European Communities (Late Payment in Commercial Transactions) Regulations 2012 provide that interest shall be payable in respect of a late payment.

The Regulations, which apply equally to the public and private sector, provide an entitlement to interest if payment, in respect of a commercial transaction, is late. With effect from 1 July 2023, the late payment interest rate is 12% per annum. The late payment interest rate varies and this rate does not apply for the entirety of the period to which this response relates.

The Regulations also provide that where late payment interest falls due in respect of a payment, in addition to this amount, the supplier is also automatically entitled to 'compensation for recovery costs'. The compensation for recovery costs is set as follows - €40 if late invoice is of a value of less than €1,000, €70 if late invoice is of value between €1,000 and €10,000 and €100 if late invoice is of a value of over €10,000.

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