Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I would like to build on my earlier point about the 77% of small and medium-sized enterprises in Ireland that are tied to Bank of Ireland and AIB. Many of the businesses in question are struggling. We will discuss issues such as credit availability later. According to a report in The Irish Times, Bank of Ireland has proposed to increase the 6.5% rate charged on each transaction to 8.5% later this year. That would have a massive impact on businesses. Mr. Fielding referred to the concerns of other business agencies, particularly those in the retail sector that deposit a great deal of cash and coins on a daily basis, about the proposal to increase the 0.17% charge imposed on every €100 in cash lodged. If this proposal is accepted, businesses will have to pay 45 cent for every €100 they lodge. This would represent a whopping 165% increase and add €15,000 per annum to the operating costs of an average retailer that deposits an average sum of money every day. Given that this would be unsustainable, what is the Central Bank doing about it?