Banks won’t cover cost of armed escorts

FATCAT banks are refusing to cover the cost of providing Garda and Army escorts for movements of cash around the country, despite making billions in profits.

As Bank of Ireland announced €1 billion profits, it was revealed the taxpayer is still subsidising deliveries to the tune of more than €7 million.

The banks pay just €3.8m €2.86m to the Army and €952,000 to the gardaí but are resisting attempts to have their contribution increased. But the escorts cost the army €6.8m and the gardaí €3.9m so Minister for Justice Michael McDowell has ordered his officials to get more money out of the banks for the service.