Dáil Éireann Debate, Tuesday - 17 January 2017
269. Deputy Clare Daly asked the Minister for Finance the options that exist for consumers who request exact change from retailers in a circumstance whereby the retailer has applied rounding and the retailer fails to return it on the basis that he or she has no 1 cent or 2 cent coins; and if a system to subsequently redeem the exact change value in such a situation currently exists. [1163/17]
View answerRounding of cash transactions was rolled out nationally by the Central Bank from 28 October 2015. One year on from the introduction, an independent opinion poll commissioned by the Central Bank found that 93% of people considered that rounding was a good idea or made no difference.
Participation in rounding is entirely voluntary for both retailers and consumers and 1c and 2c coins retain their legal tender status. Rounding applies to the change on the total bill, which is rounded up or down to the nearest 5c, and not to individual prices. Rounding applies to cash payments only and does not impact debit and credit card transactions.
As rounding is voluntary, no system for retrospective redemption of the exact change value is necessary since any consumer who wishes to opt out of rounding has the right to request to receive exact change in the store.
If a retailer is applying rounding incorrectly by not providing consumers with the correct change upon request, then that should be referred to the Central Bank at the email address rounding@centralbank.ie or by post to The Rounding Project Team, Payment and Securities Settlements Division, Central Bank of Ireland, PO Box 11517, Spencer Dock, North Wall Quay, Dublin 1. The Central Bank will advise retailers, who wish to apply Rounding, on the principles of the process.
