Notice to credit institutions licensed to operate as a credit institution in the Republic of Ireland
Invitation to apply for the provision of certain payments services (EU Services Package)
On 20 December 2011 the European Commission approved the State aid received by Bank of Ireland, on the basis of Bank of Ireland’s revised EU restructuring plan. The approval is subject to Bank of Ireland’s adherence to, inter alia, certain behavioural commitments as set out in the European Commission’s published decision (Reference number: SA 33443).
One of the commitments made by Bank of Ireland is to provide a Services Package to certain qualifying competitors of Bank of Ireland in Ireland (“Relevant Competitors’’ ). These services will be provided by Bank of Ireland for a total period of four years, from 1 January 2013. On 9 July 2013, the European Commission approved amendments to Bank of Ireland’s EU Restructuring Plan measures, including the extension of the EU Services Package to 31 December 2016 (EU Reference: SA.36784).
Under the Services Package, Bank of Ireland will facilitate Relevant Competitors wishing to access (subject to security and regulatory requirements):
- Ireland’s bank clearing system (both servicing paper and electronic transactions);
- Debit card access to any automated teller machine network in Ireland of which BOI is a member;
- Market intelligence (e.g., rate of default of customers generally and macro/micro-economic data generally) but such access shall be subject to compliance with all laws, codes and practices including, without limitation, those relating to confidentiality, intellectual property, contract and competition;
- Cash supply and distribution services; and
- Foreign exchange supply and distribution services.
A European Commission approved Monitoring Trustee, Grant Thornton, has been appointed to oversee Bank of Ireland’s adherence to this commitment.
For an applicant to request a copy of the Services Package overview document detailing terms and conditions please e-mail firstname.lastname@example.org. Applicants will then be engaged by Bank of Ireland Group Payments.
1. A Relevant Competitor is defined as an undertaking licensed in the Republic of Ireland or elsewhere to operate as a credit institution in the Republic of Ireland and which has (by virtue of all related undertakings) at the Date of Request (the day on which Bank of Ireland receives, from the Relevant Competitor a valid application to participate in the Services Package) a market share of less than 15% market share in any Relevant Product or that at the same time the relevant competitor cannot have more than 15% market share in more than one Relevant Products. In addition, for the competitor to avail of the measure, Bank of Ireland market share at the Date of Request must be more than 30% of either the market stock or market flow in that relevant product market. The market share of stock and flow will be calculated on a basis agreed between Bank of Ireland and the Monitoring Trustee, appointed to oversee the implementation of Bank of Ireland commitments to the EU.