10.40% per year — European Central Bank main refinancing rate (2.40% as of 1 July 2026) plus 8 percentage points, fixed for each six-month period. On a €5,000 invoice 60 days overdue, the money already owed to you looks like this:
Total owed on a €5,000 invoice · 60 days late
€5,155.48
Growing €1.42 every day it stays unpaid
Rate verified 2026-07-06 · Source: Dept. of Enterprise, Trade and Employment · Methodology
Rate prefilled from the Ireland default (10.40% per year) — override it if your contract sets its own.
60 days overdue
Ireland default: 10.40% per year
Total now owed to you · Ireland
€5,155.48
€5,000 principal · 60 days overdue at 10.4%
Simple interest: amount × (10.4% ÷ 365) × 60 days + fixed compensation fee. Information, not legal advice — contract terms can override statutory defaults.
Irish law implements the EU Late Payment Directive: business customers who pay late owe you interest at the ECB main refinancing rate plus 8 percentage points, automatically — you do not need a contract clause.
The ECB rate in force on 1 January applies for the first half of the year, and the rate on 1 July applies for the second half.
You are also entitled to fixed compensation per late invoice (€40, €70, or €100 by debt size) for recovery costs.
Interest runs from the day after the agreed due date, or 30 days after receipt of the invoice (or of the goods/services) where no date was agreed. Public bodies must generally pay within 30 days.
| Debt size | Fixed compensation |
|---|---|
| debt up to €1,000 | €40 |
| debt €1,000 to €10,000 | €70 |
| debt over €10,000 | €100 |
Legal basis: European Communities (Late Payment in Commercial Transactions) Regulations 2012 (S.I. No. 580/2012).
invoice = €5,000, 60 days overdue, rate = 10.40%
daily interest = €5,000 × (10.40% ÷ 365) = €1.42
interest = €1.42 × 60 days = €85.48
fixed compensation = €70
total owed = €5,155.48
A short, factual letter recovers more invoices than a heated one. Checklist (general guidance, not legal advice):
This page is general information about Ireland, verified 2026-07-06 against Dept. of Enterprise, Trade and Employment. It is not legal advice, and statutory rules have exceptions and transition rules that a short summary cannot capture. Contract terms often override statutory defaults. For significant or disputed sums, consult a qualified professional in your jurisdiction.