Dáil Éireann debate -
Tuesday, 7 Dec 1999

Vol. 512 No. 3

Written Answers - Central Bank Administration.

Ruairí Quinn

Question:

192 Mr. Quinn asked the Minister for Finance if his attention has been drawn to the fact that the Central Bank of Ireland has advised the General Register Office, Joyce House, that cheques, drafts and money orders for amounts less than £50 are not acceptable for lodgement due to the high administration costs involved; the way in which people living abroad can send £5.50 in notes and coins in the post to obtain a birth certificate; if he will request that the Central Bank set aside this ruling; and if he will make a statement on the matter. [25852/99]

Minister for Finance (Mr. McCreevy)

During any year, the Central Bank receives a high number of small value cheques drawn on foreign banks from Government Departments-offices for crediting to the Exchequer. The bank has informed me that there has been no change to the specified criteria for accepting these items and that it continues to accept all items lodged by Departments as agreed some years ago.

However, because of the technical features and value of these cheques, in many cases, the foreign bank charges incurred by the bank and its own administrative costs in collecting value are actually greater than the face value of the cheque. In order to reduce the potential losses to the bank-Exchequer of handling these cheques, an initiative was taken in 1995 by Departments in consultation with the bank to try and resolve the problem.

What the bank has now done is that it has indicated informally to Departments that it may be necessary to review this issue in the new year.