Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

I remember very well the whole thrust behind the banking institutions and the Governments of the day encouraging people to use the banking institutions as a means of operating their affairs. Payment of wages and salaries were directed through bank accounts to encourage more and more workers to use the banking system. At one time, people were forced into using a system that may not have been their natural gravitas. They may have preferred, like the Taoiseach, to deal in cash rather than in cheques.

It is important to bear in mind that we forced people into using the banking institutions and we are now going to screw them for a further €17 million via stamp duty imposed on the use of cheques. The consequential downside is that many of these people will be encouraged to find other ways of dealing with their financial affairs. We are all aware of the difficulties with which one can be faced if one is obliged to handle large sums of money. These downsides must be spelled out. People should not be penalised in a punitive manner for using cheques. The downsides are obvious and, accordingly, the resolution should be opposed.

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