Mr. Vincent Jennings:

On the banking costs, we would pay between 50 cent and 60 cent per €100, or 0.5% or 0.6%. Many of the products we sell in the cash end have a low margin. The transaction might notionally earn us 19 cent but we may be paying 25 cent or 30 cent for it. If we take €50, we give the bank 25 cent although we have only earned 19 cent for the transaction. That is the Lotto transaction and things like that.

We dealt with the Central Bank and the financial ombudsman. There were people and departments looking after the consumer end of things to ensure charges applied to them had to go through a series of mechanisms to get the nod. A case had to be made. In the commercial end of things it is far less transparent. I suggest there is nobody in charge of setting the commercial rates. Many of our members are paying enormous amounts of money - perhaps €40,000 or €50,000 per year - in cash lodgement charges. We were able to obviate that somewhat with ATMs in stores but it is still a significant problem for people. There are security elements that run with cash transactions as well. I fail to see how lodging a €200 note should attract a €1.20 charge but if I hand in 40 €5 notes all over the place in a plastic bag that people must sort out, it is the same €1.20. It does not seem to make sense. We are talking about lodgements of €10,000, €20,000 or €30,000. Paying a multiple per €100 is a really excessive cost. I am very encouraged that the committee is homing in on banking as that part for the small retailer is a big draw.