**Urgent Reminder** Market message for Participants with Euro Cash Collateral Reserve Accounts & Capacity Market Reserve Accounts

Affected Period



Run type

08/11/2022 14:39

Last Updated
01/12/2022 12:01

Updated message 01.12.2022; 

Dear Market Participants, 

A significant number of TIN confirmations have not been received. If you have yet to submit this, please can you do so, as soon as possible.

Thank you to those who have submitted their TIN numbers already. 

Kind regards, 

SEMO Team 


Dear Market Participants, 

In accordance with guidance issued by the Revenue Commissioners, bank interest may be paid gross without deduction of deposit interest retention tax (DIRT) to a company within the charge to Irish corporation tax. However, before DIRT exempt status is granted, such a company must first be asked for its tax identification number (TIN).

Danske Bank A/S, as SEM Bank, wish to apply credit interest to Euro Cash Collateral Reserve Accounts gross of DIRT. This means the interest that the participant will receive into their Cash Collateral Reserve Accounts will not be subject to DIRT at 33%.

To allow for this, please revert to confirm your tax identification number and include the Collateral Account number and PT_ID to which it relates. This confirmation can be given by email to: info@sem-o.com quoting reference; TIN Confirmation.

Please note that your confirmation of the tax identification number will constitute an acknowledgement and agreement that this will be shared with Danske Bank A/S and that, going forward, interest will be paid to the above Collateral Reserve Account gross of DIRT.

Please note this does not impact GBP Cash Collateral Reserve Accounts.

Copies of bank statements remain available by request at info@sem-o.com

Please provide this information by close of business Wednesday 30th of November.

Kind regards,