Catherine Murphy (Kildare North, Social Democrats)
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73. To ask the Minister for Finance if his attention has been drawn to the reported closure of the Central Bank print facility; the way in which it was decided to close the facility; if a currency print facility will be retained as a contingency to supplement the printing of euro notes in another jurisdiction; and if he will make a statement on the matter. [12018/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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As communicated in the Central Bank’s Strategic Plan (2016 – 2018), the Central Bank announced that it intended to review its strategy for banknote production. The purpose of this review was to determine how the Central Bank meets its Eurosystem obligations for its allocation of annual Euro banknote production.

The review is completed but a decision has not yet been taken on the matter by the Central Bank Commission. However, the matter is scheduled for the Commission meeting at the end of March. The proposal from management involves sourcing the banknotes from within the Eurozone, and ceasing the printing of banknotes at the Central Bank’s Currency Centre. The proposal to source banknotes from within the Eurozone is in line with the approach taken in many other national central banks in the Eurozone (i.e. a number of national central banks within the Eurozone do not print banknotes themselves).

This proposed change will have no impact on the supply of banknotes in Ireland, the majority of which are produced elsewhere. All other currency related operations at the Sandyford Currency Centre would continue as normal.

As part of the proposal, the specialist banknote knowledge necessary to source and design banknotes will be retained within the Central Bank of Ireland. The subject of the proposal is the physical printing of the banknotes.

The Central Bank of Ireland is fully cognisant of its obligations to supply currency in all circumstances to the people of Ireland. The proposal is consistent with those obligations.

If the Commission take the decision to cease printing, a total of 45 staff (of the 170 staff in the Central Bank’s currency centre) will be impacted. The staff and their representatives are fully aware of the proposal.  

The Central Bank does not intend to seek compulsory redundancies and is committed to redeployment and retraining opportunities for impacted staff.  A voluntary severance package will also be made available to those staff. 

If a decision is taken to cease printing, the Central Bank is committed to engagement with staff representative bodies through the normal industrial relations channels on the implications for impacted staff.