Central Bank to consider stop printing Bank Notes...- are we being short changed?

Catalpast

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The board of the Central Bank is to consider a recommendation from management to cease printing euro notes at its mint in Sandyford, Co Dublin.

A spokesperson for the Central Bank said: "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.
"This proposal is in line with the approach taken in many other national central banks in the Eurozone."

https://www.rte.ie/news/business/2018/0309/946337-central-bank-considering-ceasing-printing-euro-notes/

However the Bankers don't tell why they feel this is necessary...:confused:

If we don't have an input into this and if most other CBs in the Euro Zone do the same

- then who exactly will be operating the printing presses?

Looks to me like even more centralisation of economic (& thus political) Power is under way...

Take Note!
 


McSlaggart

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The board of the Central Bank is to consider a recommendation from management to cease printing euro notes at its mint in Sandyford, Co Dublin.

A spokesperson for the Central Bank said: "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.
"This proposal is in line with the approach taken in many other national central banks in the Eurozone."

https://www.rte.ie/news/business/2018/0309/946337-central-bank-considering-ceasing-printing-euro-notes/

However the Bankers don't tell why they feel this is necessary...:confused:

If we don't have an input into this and if most other CBs in the Euro Zone do the same

- then who exactly will be operating the printing presses?

Looks to me like even more centralisation of economic (& thus political) Power is under way...

Take Note!
I think the Banks want to get rid of all notes... its natural first you get rid of the branches then the ATM lastly Notes.
 

Catalpast

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It's cheaper, it seems. What's the big deal?
Things happen for a reason Comrade

This is more Centralisation to the Central Powers

Thus more Economic and Political Power to them

- and less to the satellite States like Ireland...

The overhead savings to the EU would be minimal in terms of the size of the EU Budget

Its a Power Grab make no mistake

The Government should Block it on National Interest grounds

- I know that's a lot to ask for

- but I hope they have the cop on to see where this is leading.............................
 

ShoutingIsLeadership

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Things happen for a reason Comrade

This is more Centralisation to the Central Powers

Thus more Economic and Political Power to them

- and less to the satellite States like Ireland...

The overhead savings to the EU would be minimal in terms of the size of the EU Budget

Its a Power Grab make no mistake

The Government should Block it on National Interest grounds

- I know that's a lot to ask for

- but I hope they have the cop on to see where this is leading.............................
No, this because there are a load of people employed in Sandyford who are doing the square root of fúck all for most of the year
 

Watcher2

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The board of the Central Bank is to consider a recommendation from management to cease printing euro notes at its mint in Sandyford, Co Dublin.

A spokesperson for the Central Bank said: "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.
"This proposal is in line with the approach taken in many other national central banks in the Eurozone."

https://www.rte.ie/news/business/2018/0309/946337-central-bank-considering-ceasing-printing-euro-notes/

However the Bankers don't tell why they feel this is necessary...:confused:

If we don't have an input into this and if most other CBs in the Euro Zone do the same

- then who exactly will be operating the printing presses?

Looks to me like even more centralisation of economic (& thus political) Power is under way...

Take Note!
Maybe it's in the link I haven't read, sorry, but the demand for cash is surely reduced with the growth of online shopping, debit/credit card payments at till, payments via phone and the recent, very convenient "tap" payments with cards. Centralising the printing operations surely makes sense. Question is, what happens with the staff? They are civil servants, right? Are they redeployed or made redundant?
 

Dame_Enda

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If notes are no longer printed within Ireland, thats a powerful tool for the Eurocracy to hold Ireland to ransom with.
 

ruserious

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Always handy to have a national currency printing press in working order should the time ever come to ditch the Euro. I remember during the worst of the crisis that the National Mint had plans in place to bring about PuntNua should the need arise.
 

ShoutingIsLeadership

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Maybe it's in the link I haven't read, sorry, but the demand for cash is surely reduced with the growth of online shopping, debit/credit card payments at till, payments via phone and the recent, very convenient "tap" payments with cards. Centralising the printing operations surely makes sense. Question is, what happens with the staff? They are civil servants, right? Are they redeployed or made redundant?
Not civil servants, but these are heavily unionised public servants, so we can do the maths. And good luck to them if they get out with a few quid...
 

HarshBuzz

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Always handy to have a national currency printing press in working order should the time ever come to ditch the Euro. I remember during the worst of the crisis that the National Mint had plans in place to bring about PuntNua should the need arise.
Just because we stop using Sandyford for printing Euro notes doesn't mean it couldn't be reactivated in the future...

This is a non-story. The physical location of Euro printing presses are irrelevant (as long as the site is secure).

People should be far more concerned with the electronic printing press that is QE.
 

Aghalissabeagh

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Well Ireland only prints fivers and tenners, hasn't printed a twenty in nearly 10 years.

Germany issues about 80% of the notes nowadays, for obvious reasons.

Makes sense that when we need more of the loose change notes 5's/10's to just buy them elsewhere.

PS. Ireland is part of the 'Northern Lights' grouping in the EU, and very much against further integration, so a desire for centralisation is not the reason, it just makes sense
 

fifilawe

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I would prefer if the ECB stopped minting 1c and 2c coins instead of relocating the note pressing operations.It costs more to mint a coin(1c ,2c) than its value , it is pointless but then again I am one of "the little people, not leprachauns ".
 

automaticforthepeople

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About 4 years they stopped minting small copper coins and that was based on the cost of minting coins. I take the point that many financial transactions are now online and there is now an increase in electronic transactions.
However if the Central Bank pulls out of printing notes, that just leaves the Workers Party doing this valuable work for the Irish economy.

At a time when the economy is in recovery should we entrust John Halligan's buddies with this onerous task?
 

boldfenianman

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I think the Banks want to get rid of all notes... its natural first you get rid of the branches then the ATM lastly Notes.
In the UK Camerons Gov looked at scrapping cheques. Then realised in the event of a cyber attack there would be no back up payments system at all. Slow as it is. Scrapped the whole idea.
 

boldfenianman

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Always handy to have a national currency printing press in working order should the time ever come to ditch the Euro. I remember during the worst of the crisis that the National Mint had plans in place to bring about PuntNua should the need arise.
Patriotism or national interest seem to count for little in Ireland these days. A couple of years ago Aer Lingus was sold to British Airways of all people. Anything is possible.
 

theObserver@hotmail.com

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The board of the Central Bank is to consider a recommendation from management to cease printing euro notes at its mint in Sandyford, Co Dublin.

A spokesperson for the Central Bank said: "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.
"This proposal is in line with the approach taken in many other national central banks in the Eurozone."

https://www.rte.ie/news/business/2018/0309/946337-central-bank-considering-ceasing-printing-euro-notes/

However the Bankers don't tell why they feel this is necessary...:confused:

If we don't have an input into this and if most other CBs in the Euro Zone do the same

- then who exactly will be operating the printing presses?

Looks to me like even more centralisation of economic (& thus political) Power is under way...

Take Note!
Makes sense to me. If another country can print the same notes for less cost, why not take advantage?

EU states should be centralizing all aspects of their bureaucracy while retaining control of their data. Data centers can be placed in a country with low electricity costs, the software can be outsourced to a reputable company while data control remains controlled by the individual state.

If you object to this, remember distributed networking is how most corporations now operate. Your personal information is likely already in dozens of platforms around the world. Google knows all your dirty secrets.
 

boldfenianman

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Makes sense to me. If another country can print the same notes for less cost, why not take advantage?

EU states should be centralizing all aspects of their bureaucracy while retaining control of their data. Data centers can be placed in a country with low electricity costs, the software can be outsourced to a reputable company while data control remains controlled by the individual state.

If you object to this, remember distributed networking is how most corporations now operate. Your personal information is likely already in dozens of platforms around the world. Google knows all your dirty secrets.
Oh sugar.
 
Last edited:

Aghalissabeagh

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In the UK Camerons Gov looked at scrapping cheques. Then realised in the event of a cyber attack there would be no back up payments system at all. Slow as it is. Scrapped the whole idea.
Cheque books disappeared years ago in England, you can only get a counter drawn cheque
 

The_SR

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If notes are no longer printed within Ireland, thats a powerful tool for the Eurocracy to hold Ireland to ransom with.
They only print tenners in Ireland so that's not it.
 


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