Consumers and businesses are being warned of possible delays to electronic euro payments between banks on the upcoming European May Day holiday on May 1.

Banking and Payments Federation Ireland (BPFI) is urging businesses to ensure that payment requests for wages due on that day be submitted earlier to ensure employees receive their pay on time.

“This year the annual European May Day holiday falls on Thursday May 1 and European institutions including the European Central Bank, which operates the banking settlement system across Europe, will be closed,” said Leah Donnelly, Manager of Payment Schemes, BPFI.

“While banks are open in Ireland on that day, the European holiday means that electronic payments in EURO cannot be made to bank accounts in Ireland or anywhere else across Europe.

“Essentially this means that anyone expecting a EURO payment into their bank account on this date may not receive the payment until Friday 2 May,” she said.

Ms Donnelly said employers who normally pay weekly wages into employees’ accounts on a Thursday, or monthly salaries on the 1st of the month, will need to submit their payment requests to their bank by Tuesday 29 April with employees receiving their funds on Wednesday 30 April.

“Standard payment processing cycles will apply from Friday 2 May,” she said.