123D Bills of Exchange

(1) In this section—

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“Capital Requirements Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013¹ on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 2014² amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016³ amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017⁴ amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017⁵ amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017⁶ amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 2017⁷ correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019⁸ amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019⁹ amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019¹⁰ on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020¹¹ amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;

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“credit institution” and “financial institution” have the same meanings respectively as they have in the European Union (Capital Requirements) Regulations 2014;

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“credit institution” means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;

“financial institution” has the same meaning as it has in the Capital Requirements Regulation;

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“electronic means” has the same meaning as it has in section 917EA of the Taxes Consolidation Act 1997;

“processed”, in relation to an instrument that is a bill of exchange, means a bill of exchange that has been presented for payment and has been paid;

“promoter” means a credit institution or a financial institution;

“relevant bill of exchange” means a bill of exchange drawn on an account in the State maintained by a promoter but does not include the following:

(a) a draft or order drawn by any promoter in the State on any other promoter in the State, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such promoters;

(b) a letter written by a promoter in the State to any other promoter in the State, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made or to any person on such person’s behalf;

(c) a draft or order drawn by the Accountant of the Courts of Justice;

(d) a coupon or warrant for interest attached to and issued with any security, or with an agreement or memorandum for the renewal or extension of time for payment of a security;

(e) a coupon for interest on a marketable security being one of a set of coupons whether issued with the security or subsequently issued in a sheet;

(f) direct debits and standing orders;

(g) a bill drawn on or on behalf of the Minister by which payment in respect of prize bonds is effected.

(2) A promoter shall, within one month of the end of each year, ^[4]>commencing with the year 2024^{<[4] [4]>}commencing with the year 2023^<[4], deliver to the Commissioners a statement showing the number of relevant bills of exchange processed in the year.

(3) On the first occasion of a promoter delivering a statement to the Commissioners under subsection (2), the promoter may elect that the first statement and all subsequent statements shall show the number of relevant bills of exchange issued in the year rather than the number of relevant bills of exchange processed in the year.

(4) Where an election is made by a promoter under subsection (3), each statement delivered by the promoter under subsection (2) shall—

(a) indicate that the election has been made, and

(b) show the number of relevant bills of exchange issued in the year rather than the number of relevant bills of exchange processed in the year.

(5) Stamp duty shall be charged on every statement delivered by a promoter under subsection (2) at the rate of €0.50 for each relevant bill of exchange shown on the statement.

(6) The duty charged by subsection (5) on a statement delivered by a promoter under subsection (2) shall be paid by the promoter on delivery of the statement.

(7) There shall be furnished to the Commissioners by a promoter such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the promoter.

(8) In the case of failure by a promoter to pay any duty required to be paid in accordance with this section, the promoter shall be liable to pay, in addition to the duty, interest on the duty, calculated in accordance with section 159D, for the period commencing on the date it was required to be paid and ending on the date on which the duty was paid.

(9) A statement required to be delivered to the Commissioners under subsection (2) shall be delivered by electronic means and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply.