Payment Services Directive 2

Since the transposition of the first Payment Services Directive in 2009 (S.I. 383 of 2009), many technological developments have occurred in relation to payment services, and new players have entered the payments market.

The revised Payment Services Directive 2 (“PSD2”) is aimed at extending the provisions set out in PSD1 by regulating these new market players, enhancing consumer protection, ensuring competition and harmonising the regulations across Europe.

PSD2 must be transposed into Irish law by 13 Jan. 2018. The EU Directive can be read here: Payment Services Directive 2.

A short overview of PSD2 and its main components can be found here.


PSD2 Public Consultation

A public consultation on PSD2 ran from June to September 2016. The purpose of this consultation was to obtain submissions on the national discretions contained in PSD2.

A copy of this public consultation can be found here: PSD2 Public Consultation.

14 submissions were received from industry stakeholders in response to the consultation. Further consultations were held in some instances with stakeholders to clarify points raised by the submissions. The submissions and consultations were taken into account in informing the decisions made on each of the national discretions.

Submissions below:

American Express Submission

BPFI Submission

Drogheda Credit Union Submission

EMA Submission

EMO Oil Submission

FPAI Submission

ILCU Submission

INTO CU Submission

Link Credit Union Submission

Lufthansa Submission

Naas Credit Union Submission

Progressive Credit Union Submission

TransferWise Submission

Visa Submission


National Discretions

Following the public consultation process, decisions have been reached on the national discretions contained within PSD2. The decisions, subject to the finalisation of the transposition of the Directive, were informed by an evaluation of the policy options chosen under PSD1, the responses received to the public consultation, and further engagement with industry bodies and relevant stakeholders. The Department of Finance, in consultation with the Central Bank of Ireland and other relevant public bodies, will now proceed with drafting and other work required to transpose the Directive by 13 January 2018.

A copy of the decisions on the national discretions can be found here.


Transposing Legislation

S.I. No. 6 of 2018 – European Union (Payment Services) Regulations 2018