ID 1. Value date
(Internal reference 1)
Debit value date in case of bank holiday
Article 73(2) of the PSD states: "Member States shall ensure that the debit value date for the payer's payment account is not earlier than the point in time at which the amount of the payment transaction is debited to that payment account" In the case of a SEPA direct debit collection, the payer's account is held in the books of the 'debtor bank'. According to the cross-border property of the SEPA payment instruments, the due date of a SEPA direct debit collection can be an inter-bank business day for Eurosystem and at the same time, a bank holiday or closing day in the country of the payer. Since it is an inter-bank business day for Eurosystem, the payer's bank will be debited by the Clearing and Settlement Mechanism for the amount of the transaction on the given due date. On the other hand, the payer's bank will not be able to execute the debit booking on the payer's account on the requested due date, since it is considered locally as a bank holiday. My question is consequently: is it allowed for the debtor bank to debit the payer's account on the next (local) banking business day with value date equal to the inter-bank settlement date applied by the Clearing and Settlement Mechanism for the same transaction? Please note that the same issue applies to the credit booking on the payee's account in case of local bank holiday in the payee's country. In that case, the value date applied would be earlier than the point in time at which the amount of the payment transaction is credited to the payee's account.
In case the SEPA direct debit collection happens on an inter-bank business day for the Eurosystem which is at the same time a bank holiday in the country of the debtor bank, the debtor bank can only debit the payer's account on the following business day. According to Article 73(2) of the PSD the debit value date cannot be earlier than the point in time at which the amount of the payment transaction is effectively debited to that payment account. Consequently, the debit value date has to be equal to the day on which the account is debited and cannot be an earlier inter-bank business day. As far as the credit value date is concerned, the latter can be prior to the day of the actual crediting of the account as Article 73(1) states that "the credit value date…is no later than the business day on which the amount of the payment transaction is credited to the payee's payment service provider's account."