Media Statements
Media Statement on PFS Card Services (Ireland) Limited (PCSIL)
Following an application to the High Court by PFS Card Services (Ireland) Limited (PCSIL), an e-money institution authorised by the Central Bank of Ireland, the Central Bank of Ireland is aware of the appointment of Kieran Wallace and Andrew O’Leary of Interpath as Joint provisional liquidators (JPLs) to PCSIL. Based on the current financial information available at this time, the JPLs expect the liquidation will be solvent. The JPLs will continue to assess the solvency on an ongoing basis, throughout the liquidation process.
PCSIL provides pre-paid cards (virtual and physical) through an EU wide network of distributors. PCSIL and Interpath have committed that all current card holders can, subject to new limits, continue to load funds to their card until 17 July 2024 and can continue to spend on their cards up to 17 January 2025 subject to certain changes and their terms & conditions.
The Central Bank expects that the Firm will ensure that customers’ interests are fully protected. This liquidation does not impact the firm’s regulatory status, PCSIL will remain a regulated financial service provider and is required to continue to adhere to all applicable regulatory requirements including safeguarding, capital, anti-money laundering/countering the financing of terrorism and conduct requirements during the wind-down.
Further information
Further information section. - PCSIL operates across the European Economic Area, with branches in Spain and France through a network of distributors. Services provided include general reloadable cards, pre-paid gift cards, retail pre-paid cards, money remittance cards, corporate payroll cards and government prepaid cards.
Further information for customers of PCSIL is available at https://www.interpathadvisory.com/pcsil.
For queries related to the liquidation contact Kieran Wallace ([email protected]) and Andrew O’Leary([email protected]).
For PCSIL media queries, please contact Eavan Gannon in Powerscourt ([email protected]).
For media queries related to the Central Bank of Ireland please contact [email protected]
Electronic money as provided by e-money institutions is not covered by the Deposit Guarantee Scheme. However issuers of e-money, like PCSIL, are required by law to safeguard such funds, for example by keeping customer’s money separate from its own. Safeguarding requirements are in place to protect customer funds if the institution becomes insolvent.
When a company is seeking to be wound down, key stakeholders can seek the appointment of liquidators. The key objectives of the liquidator are to wind down the operations of a company in an orderly manner and to maximise the realisation of assets for the benefit of the company’s creditors.
Based on the current financial information available at this time, the joint provisional liquidators expect the liquidation will be solvent. The joint provisional liquidators will continue to assess the solvency on an ongoing basis, throughout the liquidation process. Subject to certain new limits, all current card holders can continue to load funds to their card until 17 July 2024 and can continue to spend on their cards up to 17 January 2025.
Following the appointment of Kieran Wallace and Andrew O’Leary of Interpath as joint provisional liquidators, the firm continues to be regulated by the Central Bank and will remain subject to the full legislative and regulatory requirements of an e-money institution. The firm therefore remains subject to the Central Bank’s supervision throughout the wind down of the its activities. If required during any period following the appointment of the joint provisional liquidators, the Central Bank reserves its rights to take any regulatory action that it may deem necessary and appropriate in relation to the firm, including with regard to the implementation of the wind-down plan.
The back of your card (the same side as the magnetic strip) will include the words “PFS Card Services Ireland” or “PCSIL”. Please see below example.
Alternatively, you can review the terms & conditions of your card. These terms & conditions will be with “PFS Card Services (Ireland) Ltd“.
Please be extra vigilant about any emails, texts or calls you receive over the coming weeks and months. Fraudsters may try to exploit the liquidation by pretending to be Interpath, PCSIL or the Central Bank and ask you to register your details or re-register your information. Fraudsters may try also insert a fake text into a thread of genuine Interpath or PCSIL SMS messages. PCSIL and Interpath have stated that they will never send you texts or emails with a link to a login page or website, which asks you to share one-time banking passcodes.