ECB ask Irish Government to reconsider new ATM Charge

As part of Budget 2016 it was announced that the stamp duty on debit cards would be removed from 2016 and replaced with a 12c ATM withdrawal charge.  Full Story Here.
The idea behind it is to reduce he use of cash.

The chamge was implemented from January 1st 2016 – but it might have to be reversed  because of concerns raised by the European Central Bank.
In December  2015 the ECB  asked Ireland to reconsider the planned ATM charge because it would mean that the “use of euro banknotes would be more expensive than electronic methods of payment, thus putting legal tender at a disadvantage,

The ECB president also said that “The ECB notes that the proposed stamp duty on ATM withdrawals could make the use of euro banknotes more expensive and would therefore recommend that the measure be reconsidered.”

NB –    the maximum ATM charge over 12 months would be €2.50  for an ATM only card and €5 euros for a full debit card .   These are the current annual stamp duty charges on those cards. The charge will be applied by the bank once a year at the end of the year  – not on a per transaction basis.

This proposed government charge on debit cards and ATM cards should not be confused with the charges that some banks already make when you use an ATM (sometimes as much as 35c a time )