Carol Nolan (Laois-Offaly, Independent)
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136. To ask the Minister for Finance the requirements that are in place for financial institutions in respect of lodgements made by customers; and if he will make a statement on the matter. [27011/24]

Michael McGrath (Cork South Central, Fianna Fail)
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The Directive 2015/2366/EU on payment services was transposed into Irish law by the European Union (Payment Services) Regulations, 2018 (S.I. No.6 of 2018).

The Payment Services Regulations set out that where a payment service user that is a consumer places cash on a payment account with a payment service provider (in the currency of that payment account), the payment service provider shall ensure that the amount is made available and value dated immediately after receipt of the funds.

The Payment Services Regulations further provide that where a payment service user that is not a consumer places cash on a payment account with a payment service provider (in the currency of that payment account), the amount shall be made available and value dated not later than the following business day after receipt of the funds.

The Central Bank of Ireland's Consumer Protection Code 2012 also requires regulated entities to retain details of individual transactions for six years after the date on which the particular transaction is discontinued or completed.

Carol Nolan (Laois-Offaly, Independent)
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137. To ask the Minister for Finance the acknowledgment in respect of lodgements that must be given to the customer by financial institutions; and if he will make a statement on the matter. [27012/24]

Michael McGrath (Cork South Central, Fianna Fail)
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Directive 2015/2366/EU on payment services was transposed into Irish law, with effect from 13 January 2018, by the European Union (Payment Services) Regulations, 2018 (S.I. No.6 of 2018).

The Payment Services Regulations set out that immediately after receipt of a payment order, a payer’s payment service provider shall provide the payer with or make available to the payer, in the same manner as information is to be provided, all of the following information with regard to the payment service provider’s services:

(a) a reference enabling the payer to identify the payment transaction and, where appropriate, information relating to the payee;

(b) the amount of the payment transaction in the currency used in the payment order;

(c) the amount of any charges for the payment transaction payable by the payer and, where applicable, a breakdown of the amounts of such charges;

(d) where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider or a reference thereto, when different from the rate provided in accordance with Regulation 69(1) (d), and the amount of the payment transaction after that currency conversion;

(e) the date of receipt of the payment order.