The implementation of the so-called Single European Payments Area (SEPA) is being held up by the failure of European lawmakers to pass implementing legislation enabling pan-European direct debits, Hartsink told a banking trade magazine, SPEED, in an interview published tomorrow. The delay will be seen as a setback to efforts to improve efficiency in the EU by reducing reliance on paper cheques and promotion of e-commerce.

Spokespersons for two banks referred inquiries to the Irish Services Payments Organisation (IPSO). Calls to IPSO and its public relations firm were not returned by press time.