The Minister for Defence Willie O'Dea told the Dáil today he has been in negotiations with financial institutions over an increase in their contribution towards the provision of Army cash escorts.
Mr O'Dea said he was not looking for the full amount because some of the escorts were for cash from An Post and the Central Bank. But he said it was unacceptable that financial institutions paid only 43 per cent of the costs of the Defence Forces for providing this service.
The Minister said he hoped to reach agreement on the issue within the next two weeks.
Asked by the Labour Party spokesman on Defence why banks financial institutions should not cover the full cost of escorting their cash, Mr O'Dea replied that the banks had pointed out the large amounts they contribute to the economy through taxes to the Revenue.
The Minister said the €2.86 million escort fee was agreed in 1995 and at that time it was 72 per cent of costs. This had now dropped in real terms to 43 per cent of the costs which were €6.6 million in 2003.