Vincent P Martin (Green Party) | Oireachtas source

The Green Party also welcomes the Bill. We are the last member state to transpose the directive of 2014.The transposition of the EU directive relates to the protection of the euro and other currencies against counterfeiting, as was said by previous Senators. It will give effect to European Council and Parliament regulations dealing with it and also with the authentication of euro coins. It will give effect to an ECB decision regarding the authenticity, fitness checking and recirculation of euro banknotes and it makes provision regarding the designation of the National Analysis Centre for euro notes and the CNAC for euro coins. The Bill introduces criminal offences and grants additional monitoring and enforcement powers to the Central Bank. It also provides for a range of new powers and functions for the CBI in respect of monitoring and enforcement measures relating to suspect counterfeit currency and euro currency that is not deemed to be suitable for recirculation.

The Green Party unreservedly welcomes the Bill. The ECB and the State must invest as much they can in safeguarding our financial security online. Is the Minister of State satisfied that enough is being done? Has the Department sufficient resources in managing what is an ever changing situation? The Continent and the EU have seen incredible changes. What we have now is unrecognisable from what we had at the start of the Covid. As previous contributors said, we are moving to contactless payments. Coins and notes could be a thing of the past. We will have to revisit it sooner than we think to keep up with the counterfeiting measures of tomorrow and the futuristic approach to ensure we are one step ahead of the fraudsters who are only too keen, willing and able to defraud us and society. We must be on our guard at all times. I welcome this Bill. I also welcome the Minister of State to the House, which I should have said at the start.