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You are here: Home -> Companies and Schemes -> The Irish Paper Clearing Company Limited (IPCC) A A 

The Irish Paper Clearing Company Ltd. was created following a merger of the Irish Paper Credit Clearing Company Ltd. and the Irish Paper Debit Clearing Company Ltd. in December 2002. These companies were established in June 1997 to create, maintain and operate a payment, clearing and settlement system for domestic paper debits and credits. The company is run by a board of directors comprising one representative from each of the seven member banks.

The company is responsible for the inter-bank paper clearing mechanisms, which enable paper credits and debits to be exchanged between all financial institutions within the state. It is responsible for the imposition of rules and standards and the upkeep and updating of those rules and standards.

Paper Volumes and Trends 2010

In the year ended 31st December 2010, a total of 48.6 million interbank paper transactions were processed through the domestic paper clearing system (i.e. items presented through a bank other than the one which they are drawn on).

• These consisted of 47.5 million debit transactions with a value of ?119.9 billion and 1.1 million credit transactions with a value of ?2.4 billion
• This is a decrease of almost 11% on the interbank volumes for 2009 which comprised 53.2 million debit items and 1.3 million credit items