Dáil Éireann Debate, Thursday - 14 December 2017
96. Deputy Michael McGrath asked the Minister for Finance if the Central Bank has a policy on whether bank ATM machines should dispense €10 notes to persons; the practice of retail banks here in dispensing €10 notes; if there is a policy as to whether the use of €20 notes or €50 notes are preferred in which an amount of €100, for example, is required; the breakdown of notes dispensed; and if he will make a statement on the matter. [53755/17]
View answerI am informed by the Central Bank that it has set targets for the banks to achieve in terms of issuance of €10, €20 and €50 notes from non-retailer ATMs by 2018, with a view to making lower denomination notes more available to cash users. 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 2017, on amounts actually dispensed show that 8% of all notes are €10 notes, 36% of all notes are €20 notes, and 56% of all notes are €50 notes.
The Central Bank requests regular updates from the commercial banks on their progress towards achieving these targets and continues to challenge them to achieve the end-2018 targets in relation to the number of €10 and €20 banknotes being dispensed from their ATMs. 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.
