Sir, - Felix O'Regan of the Irish Bankers' Federation argues (November 28th) that, even with the arrival of the euro, it will not be possible for euro-denominated cheques written in one euro-zone country to be readily used in another, because there is no pan-European system for the clearing and processing of such cheques.
Mr O'Regan fails to mention, however, that there was a system of uniform Eurocheques in existence for many years, when each country had its own currency. These Eurocheques, with a Eurocheque card, could be used to pay for goods and services and to obtain cash in many other countries, and they were drawn against the customer's domestic bank account.
Mysteriously, the Eurocheque scheme was withdrawn a few months ago, just when it was about to come into its own with the advent of the euro.
Since there was an effective cross-border clearing system for euro-zone cheques in the past, it should be possible to re-introduce it. Or is this yet another example of "improvements" by financial institutions being to the disadvantage of the customer? - Yours, etc.,
Patrick M. Lyons, Somerby Road, Greystones, Co Wicklow.