Michael McGrath (Cork South Central, Fianna Fail)
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94. To ask the Minister for Finance if the Central Bank has a policy on whether ATM machines should dispense €10 notes to persons; the position regarding the practice of retail banks in relation to dispensing €10 notes; if there is a policy on whether the use of €20 notes or €50 notes is preferred in cases in which an amount of €100 is required by a person; the data on the denominations of notes dispensed; and if he will make a statement on the matter. [47218/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I am informed by the Central Bank that a recommendation of the National Payments Plan targeted a significant increase in the number of €10 and €20 banknotes dispensed from Irish ATMs, with a view to making lower denomination notes more available to cash users.

Building on that recommendation, the Central Bank has set targets for the banks to achieve in terms of issuance of €10, €20 and €50 notes from non-retailer ATMs by 2018. These targets were calculated following a study of the requirements of consumers, given patterns of cash usage.

The targets are that 6-10% of all notes by volume are to be €10 notes by the end of 2018, 40-45% of all notes by volume are to be €20 notes and 45-50% of all notes by volume are to be €50 notes. The latest available data, for Q3 2017, on amounts actually dispensed show that 8% of all notes are €10 notes, 36% of all notes are €20 notes and 56% of all notes are €50 notes.

The Central Bank requests regular updates from the commercial banks on their progress towards achieving these targets and continues to challenge them in relation to the number of €10 and €20 banknotes being dispensed from their ATMs. This topic is a permanent agenda item at the National Cash Forum which is chaired by the Central Bank, and is also discussed at bilateral meetings with banks by the Central Bank.

Kevin O'Keeffe (Cork East, Fianna Fail)
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95. To ask the Minister for Finance if commercial sales contracts signed prior to budget 2018 will be closed with immediate effect and not have to wait until mid-December 2017 when the Finance Bill 2017 is enacted in view of the additional and major costs that will be incurred in the interim. [47251/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The rate of Stamp Duty on commercial property was increased to 6% by way of Budget Day Resolution and applies in relation to all relevant conveyances executed after midnight on Budget day. In order to avoid changing the cost structures of contracts entered into prior to that date, I have introduced measures in the Finance Bill that will allow for the lower rate of 2% to continue to apply to contracts where the parties entered into binding contracts prior to the commencement of the new rate and where the conveyance is executed on or before 31 December of this year. These transitional measures will come into effect on the enactment of the Finance Bill.

I am advised by Revenue that it has now put arrangements in place for these transitional measures. A person who files a stamp duty return before the enactment of the Finance Bill and who is satisfied that the transitional measures would apply if the Finance Bill was enacted, has two options. He or she may-

1. File a return through the e-stamping system, pay stamp duty at the rate of 6% and be issued with a stamp certificate. On enactment of the Finance Bill, the filer can then request a refund of the difference in the stamp duty paid between the 2% and 6% rates by amending the return and submitting the relevant documentation to Revenue, or

2. File a return through the e-stamping system and pay the stamp duty at the rate of 2%, in which case a stamp certificate will not be issued. On enactment of the Finance Bill, Revenue will publish information on how the postponed stamp certificate can be obtained.