Key Dates

Jan 28th 2008 - SEPA instruments available to citizens and businesses

On Monday, January 28th will be an important milestone in the SEPA process with the official launch of the first SEPA payment instrument for credit transfers.

Jan 28th 2008 - SEPA Cards Framework

Card issuers were required to have available to customers a SCF- compatible debit card.  In the Irish situation, this means that where laser cards are issued, they must be co-branded with an international brand (E.g. Maestro, Visa Debit)

May 16th 2008 - Consultation re legislation

End of consultation period on the transposition of the Payment Servicies Directive into Irish law.

Autumn 2008 - Draft Legislation

Expected issue of draft bill to transpose Payment Servicies Directive into Irish Law

2009 - Enactment of Legislation

Expected enactment of legislation to transpose Payment Services Directive into Irish Law.

Nov 2009 – SEPA Direct Debit available to citizens and businesses

December 31st 2010 - SEPA progressed to the point of no return: By December 31 2010, according to the EPC, a critical mass of bank transactions is expected to have migrated to SEPA instruments, so that SEPA is irreversible.(Note that this date was set at a time when the legislation was expected to be enacted almost 2 years earlier)

Government departments are expected to be early adopters, and to be so encouraged by the EU commission. Major international businesses will see the significant benefits for them from the use of SEPA and will move quickly. The remainder of bank customers are likely to require encouragement, and migration programmes will be required to persuade them to change.