Payment Accounts Directive
The EU Directive: Directive 2014/92/EU – Payment Accounts Directive
The objective of the Payment Accounts Directive is to improve and develop the internal market for retail banking, through the removal of barriers to a fully integrated market by ensuring transparency and comparability of fees related to payment accounts, facilitating payment account switching and ensuring access to payment accounts with basic features.
The Directive contained a number of discretions for Member States and these discretions were the subject of a public consultation process over the course of three months.
A copy of this public consultation can be found here: Payment Accounts Directive Consultation.
Eight responses were received from consumer, non-governmental and industry stakeholders. These submissions were taken into account in informing the decisions made on each of the national discretions. The submissions are set out below:
Following the Public Consultation process, and taking account of the submissions received, the Minister made decisions on the discretions. These decisions can be read here:
Following on from the decisions on the national discretions, the Payment Accounts Directive was transposed into Irish law by the European Union (Payment Accounts) Regulations 2016. A copy of these regulations can be found below.
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