Fine Gael Dublin Senator Catherine Noone has today (Thursday) called on the Central Bank to abolish one and two cent coins. She has written to the Minister for Finance, requesting that he makes a decision on the future of the coins.
“Ireland has been minting coppers at three times the rate of the EU average and yet there is a consistent shortage of them across the country. This is causing consistent problems for businesses when it comes to change shortages and is a hassle shared by businesses and consumers alike.
“It seems senseless that we are bending over backwards to produce these coins given the cost of production costs more than their stored value, with a one cent coin costing 1.7 cent to produce and a two cent coin costing about two cents.
“A trial was undertaken in County Wexford recently where one and two cent coins were abolished. This resulted in a high level of consumer and business satisfaction, with 100% of retailers and 85% of consumers who participated reporting their satisfaction with the trial. It was reported recently that Minister Noonan was considering the options with respect to this but I believe the results speak for themselves. It’s clear that this is a positive decision that should be taken to abolish the coins.”
Fine Gael Press Office
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