COMMERCIAL TRANSACTIONS REGULATIONS 2002
Payments made during 2009 were governed by EU Directive 2000/35/EC to combat late payments in commercial transactions. This directive applies to goods and services supplied to Bord Gáis Éireann by EU based suppliers.
Statement of Payment practices including standard payment periods
Bord Gáis Éireann operates a policy of paying all undisputed supplier invoices within the agreed terms of payment. The standard terms specified in the standard purchase order are 45 days. Other payment terms may apply in cases where a separate contract is agreed with the supplier.
Compliance with the Directive
Bord Gáis Éireann complies with the requirements of the legislation in respect of all supplier payments. Procedures and systems, including computerised systems have been modified to comply with the Directive. The procedures operated well during the year. These procedures ensure reasonable and not absolute assurance against non-compliance.
Information on Payments in 2009:
| • | Standard payment terms are 45 days. |
| • | The total number of invoices in excess of €250 paid late was 28 (2008: 108) with a value €0.1 million (2008: €0.3 million). On average late payments were 58 days late (2008: 44 days). |
| • | Late payments constituted less than 0.01% of total payments (in monetary terms) made during the year. |
| • | Total interest paid in respect of late payments amounted to €839 (2008: €9,286). |
For and on behalf of the Board:
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30 March 2010
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| Chairman | Member of the Board | Date of Approval |