Central Bank could stop printing euro banknotes in Ireland

The decision is set to be made by the end of March

Central Bank could stop printing euro banknotes in Ireland

Euro banknote production | Image: YouTube/European Central Bank

The Central Bank could stop printing euro banknotes in Ireland as part of a strategic review.

The proposal is contained in the Central Bank's Strategic Plan (2016-2018).

The review has been completed, but a Central Bank spokesperson said a decision had not yet been taken on the matter.

However it is set to go before the Central Bank Commission at the end of March.

A Central Bank spokesperson 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."

The bank said the proposed change would have no impact on the supply of banknotes here - it is believed about 80% of notes already come from overseas.

The spokesperson added that all other currency-related operations at the Currency Centre in Sandyford would continue as normal.

Forty-five staff members would be impacted if the commission takes the decision to cease printing.

The Central Bank said 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", the spokesperson added.