Catherine Noone (Fine Gael) | Oireachtas source

I recently called on the Central Bank to consider abolishing 1 cent and 2 cent coins. I believe it is considering this suggestion. A trial was conducted recently in the south east. Based on the positive outcome of that trial, the Minister for Finance, Deputy Michael Noonan, should make a decision on the future use of the coins. It appears frivolous when one first looks at it, but I have been contacted by a number of businesses about the issue. One is a cash management business and there is a real shortage. Ireland has been minting copper coins at three times the average rate in the European Union, yet there is a consistent shortage of copper coins across the country. People value them so little that they put them on the mantlepiece or in jars in their homes and as a consequence they go out of circulation. This is causing a consistent problem for businesses and it is a hassle shared by them. Consumers do not care as much as businesses about this because they are such insignificant sums. It is senseless that we are bending over backwards to produce these coins given the cost of production. It costs 1.7 cent to produce a 1 cent coin; therefore, it is a cost to the taxpayer. It costs a little more than 2 cent to produce a 2 cent coin. The trial undertaken was considered a major success locally. It resulted in a high level of consumer and business satisfaction, with 100% of retailers and 85% of consumers who participated reporting satisfaction. It was reported recently that the Minister was considering this option. The results of the trial speak for themselves. It is clear that it would be a positive decision for the Department to take. I encourage the Leader to speak to the Minister about the matter in the near future.