Terence Flanagan (Dublin North East, Independent)
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41. To ask the Minister for Finance the reason it takes five working days to cash a cheque; if this time can be reduced; and if he will make a statement on the matter. [4475/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the Central Bank that, generally speaking, the clearing cycle for a cheque in Ireland should be no longer than three business days, with the bar on returning a cheque unpaid being set at five business days. However, it should be noted that this clearing cycle can be shorter in some circumstances in particular where the accounts of the payer and the payee are both held with the same branch of the same bank. As to the related matter of when a bank will permit a customer to draw against a cheque lodged to his or her account, this is a matter for decision by each bank based on its own risk management arrangements and would be outlined in the relevant terms and conditions.