The draft voluntary code of practice on the movement of cash in Ireland sets out the agreed principles for major cash movements in this country. The objectives of the code are to encourage the highest standards of operation and to implement integrated end-to-end solutions to create safe, secure and efficient cash handling.
The forum that is meeting regularly to develop the code is made up of stakeholders from: the Garda Síochána; the Central Bank; the Irish Bankers Federation; AIB; Bank of Ireland; Permanent TSB; Ulster Bank; National Irish Bank; Securicor; and Brinks Allied.
On 31 March, I met the forum following a number of cash in transit robberies this year. I explained that the Government had a duty to ensure that all that could be done was being done to ensure the safety of security workers and the general public. I gave the forum 120 days from that date to agree and start implementing a voluntary code of practice. If it did not succeed, I would have no choice but to introduce legislation on the standards required for the movement of cash.
The forum met again on 11 April and did not reach agreement. Following that meeting, I wrote to the chairmen and governors of the banks expressing my disappointment with the lack of progress and asked for their support in reaching an agreement. The forum met again on 6 May. My officials have attended these meetings as observers and have now informed me that it is expected the code of practice will be agreed within the next month.
Once the code is agreed, I hope other financial institutions and cash-in-transit companies will sign up to the code and voluntarily agree to operate to the same high standards.