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Prompt Payment Reports

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‌‌C‌lick on the links below for the Reports pursuant to Government Commitments in the National Recovery Plan 2011-2014 and the EU/IMF Programme of Support for Ireland – Programme Documents

The payment of invoices by public sector bodies is governed by the Prompt Payment of Accounts Act 1997 as amended by the European Communities (Late Payment in Commercial Transactions) Regulations 2012 – S.I. 580 of 2012. The regulations provide an automatic entitlement to interest and compensation if payment for commercial transactions is late (valid invoices which are unpaid after 30 days from the relevant payment date).

The PPI rate is currently 12.25% per annum (that is based on the ECB rate as at 1 July 2024 of 4.25% plus the margin of 8%). The daily rate is calculated as 12.25% divided by 365 days.). Interest on late payments is calculated on a daily basis, for each day after the 30 days.

The University must pay for the goods and services that it procures within 30 days of the invoice date unless there are other payment terms expressly agreed, or unless there is an issue with invoice payment. Apart from these two exceptions, if payments are made outside of the agreed payment terms (30 days), suppliers are entitled to interest and compensation for late payments.

These costs are additional costs to a budget holder’s cost centre.

Prompt Payment Interest will be posted/charged to the General Ledger account 3168 in Agresso and will show in Budget V Actual Reports as an expenditure item.

Compensation Charge (will be charged to General Ledger account 3167) – A fix penalty fee is applied to payments made outside the 30 day credit terms as per invoice value:

Under €1,000 €40.00
Between €1,000 and €10,000 €70.00
Exceeding €10,000 €100.00

The University is committed to making every effort to pay its suppliers promptly. In this regard both you and the suppliers can assist by ensuring that: