Joe Callanan
Question:485 Mr. Callanan asked the Minister for Finance if bank drafts are legal tender; and if so, the reason all financial institutions treat them as cheques with regard to clearing. [24589/05]
View answerWednesday, 28 September 2005
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Legal tender status attaches only to bank notes and coins. Under Articles 10 and 11 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, only euro bank notes issued by the European Central Bank and coins denominated in euro and cent issued by participating member states have legal tender status in Ireland. A bank draft is essentially a cheque drawn by a bank and as such is subject to similar clearance procedures to a cheque drawn by a bank customer.