Financial Resolution No. 13 provides for an increase in stamp duty on bills of exchange, including cheques, from 30 cent to 50 cent. It is appropriate that an increase in stamp duty be made at this time in the context of the reductions being made to the stamp duty charges on ATM, debit and combined cards, already announced today, and also in the context of encouraging greater use of electronic means of payment. The increased rate on bills of exchange will apply for cheques supplied by financial institutions to consumers on or after 15 October 2008 and for drafts and orders drawn on or after the same day. The yields from this measure are estimated at €2 million in 2008 and €12 million in 2009.

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