Interest rates

Ireland
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European Judicial Network
European Judicial Network (in civil and commercial matters)

1 How do you define “statutory interest” in your Member State?  Does your national law provide for statutory interest?

Legislation provides for the application of a rate of interest in a variety of circumstances e.g. late payments in commercial transactions, judgment debts, unpaid or overdue taxes,

2 If yes, what is the amount/rate and what is the legal basis for it?  If your national law provides for different rates of statutory interest, please indicate briefly the circumstances and conditions under which these rates apply.

The statutory interest rates set out in the table below are of relevance to claims in civil and commercial matters:

Amount/rate of the statutory interest

Criteria for the application of the statutory interest

(if necessary, for example delay, consumer contract, etc.)

Legal basis

8%

Interest  applicable to a judgment debt from the date of entry of the judgment

S. 26 Debtors (Ireland) Act 1840

and

S. 20 Courts Act 1981

and

S.I. 12/1989 - Courts Act 1981 (Interest on Judgments Debts) Order, 1989

8 %

Where a court orders the payment by any person of a sum of money, the court may, in certain circumstances, also order the payment of interest on the whole or any part of a sum of money due for the whole or any part of the period between when the cause of action accrued and the date of judgment

S. 22(1) Courts Act 1981

and

S. 50 Courts and Courts Officers Act 1995

and

S.I 12/1989 - Courts Act 1981 (Interest on Judgments Debts) Order, 1989

8 %

Interest is applicable to costs awarded by the court from the date on which the amount of those costs is ascertained (whether by agreement by the parties or by measurement of those costs by a court official).

S. 30 Courts and Courts Officers Act 2002 as amended by S. 41 Civil Liability and Courts Act 2004

and

S.I 544/2004 (commencement order)

The European Central Bank main refinancing rate (as at 1 January and 1 July each year) plus 8 percentage points

Entitlement by creditor to claim statutory late payment interest if payment is late in respect of commercial contracts made after 16 March 2013

Statutory Instrument (S.I.) No. 580/2012 – European Communities (Late Payments in Commercial Transactions) Regulations 2012

The European Central Bank main refinancing rate (as at 1 January and 1 July each year) plus 7 percentage points

Entitlement by creditor to claim late payment interest if payment is late in respect of commercial contracts made between 7 August 2002 and 15 March 2013 and where late payment interest claimed is greater than €5

S.I. No. 388/2002 – European Communities (Late Payment in Commercial Transactions) Regulations 2002

 

3 If necessary, please give further information on how to calculate statutory interest (for example information on how to calculate the basic rate of statutory interest; whether 'interest on interest', i.e. capitalisation of interests, is applicable in your Member State, etc.).

N/A. See table above.

4 Is it possible to get free online access to the legal basis mentioned above? If so, please provide the relevant links.

Legislation is available on-line at the following address: http://www.irishstatutebook.ie/eli/1996/act/33/enacted/en/html?q=Divorce

Last update: 11/10/2016

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