I am informed by the Central Bank that a recommendation of the National Payments Plan targeted a significant increase in the number of €10 and €20 banknotes dispensed from Irish ATMs, with a view to making lower denomination notes more available to cash users.
Building on the recommendations in the National Payments Plan, the Central Bank has set targets for the banks to achieve in terms of issuance of €10, €20 and €50 notes from ATMs by 2018. These targets were calculated following a study of the requirements of consumers given patterns of cash usage.
The targets are that 6-10% of all notes by volume are to be €10 notes by the end of 2018, 40-45% of all notes by volume are to be €20 notes and 45-50% of all notes by volume are to be €50 notes. The latest available data, for Q3 2016, on amounts actually dispensed shows that 7% of all notes are €10 notes, 34% of all notes are €20 notes and 59% of all notes are €50 notes.
The Central Bank is working, in co-operation with the commercial banks, towards these targets. This topic is a permanent agenda item at the National Cash Forum which is chaired by the Central Bank, and is also discussed at bilateral meetings with banks by the Central Bank.
The Bank requests regular updates from the commercial banks on their progress towards achieving these targets and continues to challenge them in relation to the number of €10 and €20 banknotes being dispensed in their ATMs.
