Payment services and e-money

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This subtopic provides guidance on the regulated activity of issuing electronic money in or from Ireland. It explores the regulation of payment services providers in Ireland and EU regulation of electronic money. It also provides a guide which summarises the key changes introduced by the second Payment Services Directive (PSD2).

This subtopic contains the following guidance:

  1. •

    Practice Note: Ireland—The regulated activity of issuing electronic money explores the business activity of issuing electronic money (e-money) in or from Ireland. It addresses persons that can issue e-money, the application

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Latest Ireland - Banking & Financial Services News

Council of the EU approves permanent lower liquidity requirements for short-term bank transactions

The Council of the EU has approved amendments to the Capital Requirements Regulation (Regulation (EU) 575/2013) to make permanent the transitional required stable funding (RSF) factors for certain short-term securities financing transactions (SFTs) used in calculating the net stable funding ratio (NSFR). The decision ensures these RSF factors remain below those set by the Basel III standards, supporting liquidity and market stability for EU banks. It also aims to prevent a competitive disadvantage for EU banks, as many non-EU jurisdictions already apply lower permanent SFT factors. The amendments will be published in the EU’s Official Journal and take effect from 29 June 2025. The European Banking Authority will monitor and report on their impact every five years.

ECB publishes third set of climate disclosures highlighting nature risks and emissions targets

The European Central Bank (ECB) has published its third set of climate-related financial disclosures, introducing a new indicator to assess the exposure of its corporate portfolios to sectors with significant dependencies or impacts on nature. The disclosures show that around 30% of the Eurosystem’s monetary policy corporate bond holdings are concentrated in the utilities, food, and real estate sectors. Emissions across most asset classes continued to decline, with corporate bonds remaining the most exposed to climate-related risks. The ECB’s tilting strategy—favouring issuers with stronger climate performance—has contributed to approximately a quarter of the emission reductions achieved between 2021 and 2024.

MiCA: Commission adopts delegated regulation on RTS specifying authorisation rules for ARTs

The European Commission has adopted a delegated regulation supplementing Regulation (EU) 2023/1114 (Markets in Cryptoassets Regulation (MiCA)), with regard to regulatory technical standards (RTS) specifying the information required under MiCA, Article 18(2) in an application for authorisation to offer asset-referenced tokens (ARTs) to the public or to seek their admission to trading. The RTS sets out detailed disclosure requirements for applicant issuers, including legal identity, governance and control frameworks, financial projections, liquidity management, and the suitability of key individuals and shareholders with qualifying holdings.

EBA advises delay in PSD2 authorisation for EMT-related crypto services

The European Banking Authority (EBA) has published a ‘No Action Letter’ recommending that the EU institutions ensure that, in the long term, there is no dual authorisation requirement for transacting electronic money tokens (EMTs) under both Payment Services Directive (PSD2/3) and Markets in Cryptoassets Regulation (MiCA). The advice is aimed at minimising administrative burdens on cryptoasset service providers (CASPs) while maintaining consumer protection and market stability. The advice, formulated in response to a request from the European in December 2024, established a transition period until 2 March 2026 during which only selected CASPs transacting EMTs are required to obtain PSD2 authorisation.

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