Irish Banks pushing for Cashless Banking?


#203

What happens when Germany is out of the Euro?


#204

Didn’t stop the Ansbacher great and good of Irish society.


#205

Well then it will be denominated in a furrin currency…


#206

UK branch bank closures accelerate … thisismoney.co.uk/money/savi … paign=1490


#207

ibtimes.com/norways-biggest- … sh-2276140


#208

RELEASING THE FLOW OF DIGITAL MONEY HITTING THE TIPPING POINT OF ADOPTION - -> citi.com/icg/sa/digital_symposi … _money.pdf


#209

Bloombergs op Ed

Bring On the Cashless Future

bloombergview.com/articles/2 … ess-future


#210

A shop with that much cash going through tills anyways probably has its own ATM which it stocks with cash itself and is another mechanism to reduce costs of lodging cash


#211

Another branch cull may be on the way …

RBS and Lloyds forecast to cut hundreds of branches

telegraph.co.uk/finance/news … um=twitter


#212

Fascinating article on the use and abuse of the €500 note


#213

reuters.com/article/swiss-ba … SL8N15V25M

I heard a radio report where it was mentioned that €500 would be replaced by Swiss Franc 1000 note as preferred currency for criminals.
Only problem is that it is being hoarded by people who don’t like paying negative interest rates.


#214

For all the talk about “tax evaders, criminals, terrorists, and corrupt officials” there is still a large cohort of regular Ivans and Omars who keep their life savings in a USD 100 notes or EUR 500 notes as a safeguard against unstable banking systems and volatile local currencies. In many countries of the former Soviet Union, and I’m sure elsewhere too, it isn’t unusual for someone with even modest income to save a bit each month in local currency until you have accumulated enough to purchase a USD 100 note or EUR 500 note and then keep your savings in that form. In Russia at least it is rare to encounter a bank that will offer any smaller denominations to someone wanting to buy foreign currency. I’ve had a few visitors arrive from Russia with a few €500 notes as their spending money for a couple of weeks in Ireland and it is a major pain in the hole. No shops will take them so I have to go into the bank and lodge them to my account (with potential for awkward questions down the line) and then take out smaller denominations. You’d wonder how criminals and terrorists can make use of the notes when they finally come to using them for regular day to day expenditure. It’s a similar story to some of the anti-immigrant rhetoric citing the example of refugees trying to use €500 notes to buy a pack of cigarettes in Greece or the Balkans when they land there. To the intended audience the mere fact that someone is carrying a €500 note suggests ostentatious wealth but the reality is that one or two of these notes is probably the only thing of value these people have to their names.

This isn’t to argue that the EU has any obligation to provide a store of value for citizens of other countries but it should be recognised that there are legitimate users of the notes outside of the the EU, not just criminals and terrorists. In pre-Euro days much was made of how valuable this tendency was for the US as it was effectively getting “free money” as a large chunk of its issued notes were being stored under mattresses in other parts of the world. But, as the article notes, that benefit has evaporated to a large extent at a time when interest rates are close to zero.


#215

The large notes are also handy for storing some of your savings beyond the reach of government confiscation.


#216

As long as confiscation doesn’t involve invalidating the currency overnight…


#217

Very true however at the moment it looks like it’ll be in the form of something along the lines of the pension levy or negative interest rates.


#218

Less cash means fewer cash in transit jobs!


#219

For the Euro, yes. I was still thinking along the lines of the situation in Russia that gives rise to the tendency for people to want to keep savings in cash in other currencies. The rouble has been subject to confiscatory replacements four times in the last 100 years, most recently in 1991.


#220

The original concept of notes was to prevent people carrying bulky heavy gold and silver coins. They used to be issued by gold smiths. Should they try push to hard, and people are forced to carry large wads of bulky heavy notes, it could potentially push people back to the old reliable.


#221

Swedes predict ‘death’ of cash in five years - -> thelocal.se/20160304/swedes- … five-years


#222

Do we have limits here on cash transactions? We got an email from a jeweller we’ve used in Antwerp about new strict Belgian limits on cash transactions i.e. nothing can be paid for with more than 3000 euro cash.

I’m not aware of any such AML rules in Ireland, other than the banks asking what the money is for if you move more than 10k.