Irish are tops for cheque usage

IRELAND has the highest levels of cheque and cash usage in the EU, according to a report produced yesterday

The commission estimates that a more coordinated approach to payments infrastructure could deliver annual cost savings to the economy of up to 420m.

Cheque payments in Ireland represent 56% of total cashless transactions by value, or 33% by volume. This compares with EU averages of 7% and 16% respectively. Cash in circulation outside of the credit institutions in Ireland accounts for as much as 22% of the money supply here compared to an EU average of 10.9%, and only 5% in Britain.