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. These decisions, together with the submissions received, are now 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.