Banks contribute €3.8m a year for garda escorts

The Irish Bankers Federation (IBF) has confirmed that the banking sector currently contributes €3.8m annually towards the cost of the provision of Garda and army security escorts for cash transits.

This amount is paid each year to the Department of Finance, who in turn apportion it between the Department of Justice, Equality and Law Reform and the Department of Defence - with the latter getting the greater amount by far.

The IBF has further confirmed discussions are on-going with Government about the nature and extent of the sector's contribution.