Friday 24 May 2019

Thousands of payments delayed due to bank holiday on the Continent

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Charlie Weston

Charlie Weston

THOUSANDS of people were left without wages and social welfare payments in their bank accounts this morning because it was a bank holiday on the Continent yesterday.

What is known as a “Sepa holiday” meant interbank transactions did not take place.

The Single Euro Payments Area (Sepa) is supposed to be a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro.

Processing of payments were delayed with large numbers of people waking up to find that expected payments of wages into their accounts had not occurred.

Some social welfare payments were also impacted.

Banks insisted the payments were processed later in the day.

Transactions could not take place yesterday because the European Central Bank and the European Clearing House were closed, something which stopped transactions taking place between banks in Ireland.

AIB said it had warned its customers there would be delays in processing payments.

“Due to the European bank holiday yesterday, there is a slight delay in incoming payments this morning. Any payments due into customers’ accounts will be applied throughout the day. Please continue to monitor your account. Thanks for your patience.”

Ulster Bank reported “some delays” but insisted transactions would be brought up to date later today.

Bank of Ireland and Permanent TSB both said they were working to ensure all account balances were up to date.

The Department of Employment Affairs and Social Protection has said there was a delay in some payments.

“We are aware of an issue with lodgements into bank accounts this morning, including Social Welfare payments,” the Department tweeted this morning. “We will share updates and further information as soon as we have it.”

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