More than 90 per cent of Government department bills were paid within 15 days of receiving a valid invoice, according to figures published today.
A total of 45,743 payments were made by departments in the months from July through to September, amounting to over €689 million. Of the total payments made, 39,914 payments, or 93 per cent of all invoices were paid to suppliers within 15 days.
The figures come after a series of Government measures to get credit flowing in the Irish economy by encouraging prompt payment in all business transactions. These include the introduction of a prompt payment code of conduct, which was introduced earlier this year.
The code is a joint initiative between the Department of Jobs, Enterprise and Innovation, the Institute of Credit Management Ireland (IICM), the main business representative bodies (ISME, SFA, Chambers Ireland & IBEC) and the Banking & Payments Federation Ireland (BPFI).
The Department of Transport, Tourism and Sport was the most prompt - paying 99 per cent of the amount it owed within 15 days. The Department of Arts, Heritage and the Gaeltacht was the worse payer with just 70 per cent of invoices settled within the desired timeframe.
Figures also released in respect of the agencies under the Department of Jobs, Enterprise & Innovation show a total of 11,981 payments were made in the third quarter of 2014, amounting to just over €42 million. Of these 92 per cent or 10,941 payments amounting to €38.6million were paid within 15 days.
“I am pleased that Government Departments and the Agencies under my own Department are continuing their efforts to comply with the Government requirement to pay business suppliers within 15 days of receiving a valid invoice,” said Minister of State for Business and Employment Ged Nash.
“Anyone in business knows that cash flow is the life blood of a business. Any disruption to that cash flow, particularly for small businesses, can mean the difference between solvency and bankruptcy. Therefore, it is vitally important that businesses continue to be paid on time,” he added.
