6th February 2015
Minister for Business and Employment, Ged Nash TD, today (Friday) published the latest set of quarterly figures on prompt payments by Government.These figures show that Government Departments and the Agencies under the Department of Jobs, Enterprise and Innovation continue to comply with the Government requirement to pay business suppliers within 15 days of receipt of a valid invoice.
In the fourth quarter of 2014, Government Departments made a total of 51,033 payments amounting to over €1.26bn. Of total payments made, 45,365 payments valued at over €1.23bn were paid to suppliers within 15 days of receipt of a valid invoice. In value terms this represents 97% of total payments made, compared with 93% in quarter three.
Figures also released in respect of the Agencies under the Department show a total of 14,473 payments were made in the fourth quarter of 2014, amounting to just over €49m. Of these, 13,155 payments amounting to €45.6m were paid within 15 days. In value terms, this amounts to 93% of the total payments made by Agencies, an increase on the quarter three figure of 92%.
Commenting on the figures, Minister Nash said, “I am pleased that Government Departments and the Agencies under my own Department are continuing their commitment to pay business suppliers within 15 days of receiving a valid invoice. I am particularly pleased to see an increase of 4% in respect of the value of payments made within 15 days by Government Departments. These are very encouraging figures and demonstrate that the initiatives introduced by Government to improve payment times in Ireland are working.
“While welcoming these figures, it is important however, that we push on with our efforts in tackling the problem of late payments. Businesses know only too well the negative impact that waiting for payments can have on them in terms of vital cashflow. It is also important that the private sector face up to their responsibilities in this area and take the necessary steps, as already shown by the Government, to improve their payment times.
“One such step is the new Prompt Payment Code of Conduct for Business which will be launched shortly.”
Those who sign up to the Code can do so through an online portal and will undertake to:
- Pay suppliers on time, within the terms of contract and in accordance with legislation;
- Give clear guidance to suppliers on payment procedures; and
- Encourage good practice by promoting adoption of the Code.
Concluding Minister Nash said “I am confident the Code of Conduct, developed jointly by my Department, the Irish Institute of Credit Management (IICM), the main business representative bodies in Ireland and the Banking and Payments Federation Ireland (BPFI), will make a real difference to improving payment times in Ireland and ultimately lead to a change in our payment culture. I would therefore encourage all companies, big and small, to sign up to Code once the portal is up and running and support this very important initiative for businesses in Ireland.”
ENDS
For further information please contact:
Press Office, D/Jobs,Enterprise and Innovation, ph. 6312200 or press.office@djei.ie
Deirdre Grant, Press Advisor to Minister Nash – M: 086-048 4279
Notes for Editors:
Returns for Quarter 4 of 2014, are available at:
Department Returns: Prompt Payment Returns by Government Departments 2014 (Quarter 4)
DJEI Agency Returns: Prompt Payment Returns by Agencies of DJEI 2014 (Quarter 4)
Key Findings of Quarter 4 (Oct - Dec) 2014 Returns
Government Departments
These returns are the 22nd set of returns by Government Departments.
- A total of 51,033 payments were made in Quarter 4 of 2014 amounting to over €1.26bn.
- Of these, 45,365 payments totalling €1.23bn. were paid within 15 days. In value terms, this equates to 97% of total payments made within 15 days compared with 93% in Quarter 3.
- These payments represent 88% of the total number of payments made.
- 50,244 payments were made within 30 days by Departments in the above period amounting to just over €1.26bn. In value terms, this equates to 99.8% of total payments made.
- 11 Departments paid between 91% and 100% of invoices by value within 15 days.
- All 16 Departments paid between 94% and 100% of total number of invoices within 30 days.
- All 16 Departments paid between 94% and 100% of invoices by value within 30 days.
Agencies under the auspices of the Department of Jobs, Enterprise and Innovation
These are the 14th set of returns by the Agencies under the auspices of the Department of Jobs, Enterprise and Innovation
- A total of 14,473 payments were made in Quarter 4 of 2014 by DJEI Agencies amounting to just over €49m.
- Of these, 13,155 payments totalling €45.6m. were paid within 15 days. In value terms, this equates to 93% of invoices were paid within 15 days.
- 14,360 payments totalling €48.8m. were paid within 30 days. In value terms, this equates to 99% of total invoices paid.
- 8 Agencies paid between 95% and 100% of their invoices by value within 15 days.
- 7 Agencies paid between 90% and 100% of their total number of invoices within 15 days.
- All 12 Agencies paid between 96% and 100% of their total invoices by value within 30 days.
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