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Notice of the making of this Statutory Instrument was published in
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“Iris Oifigiúil” of 17th November, 2020.
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I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by
section 3
of the
European Communities Act 1972
(No. 27 of 1972) and for the purpose of giving further effect to Regulation (EU) No. 751/2015 of the European Parliament and of the Council of 29 April 20151
, hereby make the following regulations:
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1. (1) These Regulations may be cited as the European Union (Interchange Fees for Card-based Payment Transactions) (Amendment) Regulations 2020.
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(2) These Regulations shall come into operation on 9 December 2020.
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2. The European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (
S.I. No. 550 of 2015
) are amended by the substitution of the following Regulation for Regulation 5:
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“5. Payment service providers shall not offer or request a per transaction interchange fee of more than 0.10% of the value of the transaction for any domestic debit card transaction.”.
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GIVEN under my Official Seal,
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12 November, 2020.
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PASCHAL DONOHOE,
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Minister for Finance.
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EXPLANATORY NOTE
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(This note is not part of the instrument and does not purport to be a legal interpretation.)
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This Statutory Instrument (SI) amends SI 751 of 2015 on Interchange Fees.
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Regulation 5 of SI 751 of 2015 is replaced in order to update a provision that falls away on the 09 December 2020. This was a discretion contained in the Interchange Fee Regulation that Ireland chose to avail of in 2015.
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The change to the existing legislation involves the replacement of a weighted average approach set out in Regulation 5 to capping interchange fees for consumer debit transactions with a per transaction cap approach.
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1 OJ L 123, 19.05.2015, p.1 |