Ebene Magazine – EML Payments is passed on to the Irish subsidiary by the regulator

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The Central Bank of Ireland has notified EML of « significant regulatory concerns » regarding prepaid financial services

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Donal O’Donovan and Ellie Donnelly

Trading in EML Payments shares was suspended in Sydney on Tuesday pending further details of an investigation by the Central Bank of Ireland into Prepaid Financial Services (PFS) by the Central Bank of Ireland .

The Central Bank of Ireland informed EML of « significant regulatory concerns » on May 14th, the Australian company announced in a notice to the market earlier this week.

EML is listed on the Australian Stock Exchange (ASX) listed and subject to the Corporations Act, the ASX Listing Rules and related laws.

In a statement yesterday, EML said that trading in its shares is currently ceased, “in accordance with our ongoing disclosure requirements under the Corporations Act and the ASX Listing Rules. Unfortunately, we are currently unable to comment beyond the content of the ASX announcement we published [Monday]. « 

 » If we are able to provide more information, we will do so through the ASX announcement platform and the Information will be publicly available at this time, « added an EML spokesman.

The suspension of trading will remain in effect until EML issues another statement on the matter or the start of trading on May 19th.

EML bought the PFS from Noel and Valerie Moran last year for € 171 million, a decrease from a higher offer before Covid, but with a further earn-out of € 60 million under the terms of sale is possible.

The Irish company was founded in 2008 and offers customers in more than two dozen countries online payment and banking-as-a-service software.

Before the trading stop on Monday, PFS was already as one of several en companies that have been investigated by the UK payment systems regulator with regard to possible anti-competitive behavior in the local market.

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The UK regulator announced in March that it had provisionally found the Irish company and four competitors, including Mastercard, anti-competitive in relation to the supply of prepaid cards used by local authorities to distribute social benefits have. PFS was fined £ 1 million for his role.

The UK regulator is investigating whether the companies have breached competition law by agreeing not to compete for each other’s customers. It is not clear whether there is a link between the UK situation and the concerns of the Irish regulator.

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