herald

Monday 24 April 2017

Banks told to stock ATMs with lower-value notes

Now the Central Bank has had to issue targets to banks to stock lower-value notes (Stock picture)
Now the Central Bank has had to issue targets to banks to stock lower-value notes (Stock picture)

If you're ever taking cash out of an ATM abroad, chances are you'll get a selection of notes, from €10 to €50. Banks in European countries dispense these for customer convenience. It's often viewed as a pleasant surprise by Irish tourists.

Here, it's more often than not all €50 notes, which is embarrassing if you don't have that much in your account or need only to buy something small.

In fact, only 7pc of notes issued are tenners, which isn't helpful to poorer customers (or those nearing pay day), while 59pc are 50s. Apart from the affordability aspect, there's also the security issue of having bigger notes, which can worry older people in particular.

Targets

Now the Central Bank has had to issue targets to banks to stock lower-value notes. It asked them nicely last year, but it didn't seem to make any difference.

So, by the end of 2018 it wants to see 6 to 10pc of notes to be €10 (I'd make that much higher), while 40 to 45pc should be €20s and the rest €50s. Let's hope they listen this time.

Promoted articles

Entertainment News