Dáil Éireann Debate, Tuesday - 24 July 2018
288. Deputy Niamh Smyth asked the Minister for Finance if the Central Bank has a policy on whether ATMs should dispense €50 notes to customers instead of €20 notes; the practice of retail banks here in dispensing notes; the breakdown of actual notes dispensed in counties Cavan and Monaghan; and if he will make a statement on the matter. [34008/18]
Amharc ar fhreagraThe Central Bank has set targets for the banks to achieve by the end of 2018 in terms of issuance of €10, €20 and €50 notes from non-retailer ATMs, 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 Q1 2018, on amounts actually dispensed show that 7% of all notes are €10 notes, 36% of all notes are €20 notes and 57% of all notes are €50 notes. I am informed that this data is collected on a national basis and that it is not possible to provide data on a county-by-county basis.
The Central 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 from their ATMs. This topic is a regular 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.
