European Central Bank thinks Ireland's ATM charges may be 'illegal'
The European Central Bank says Ireland's plans for charging stamp duty on ATM withdrawals could be illegal.
It is worried that the plans to charge 12c for each withdrawal are tantamount to putting a tax on cash withdrawals.
It is also worried that the move could pave the way for other taxes on accessing cash, and also make cash transactions more expensive than electronic ones.
However, the move is still being progressed, and was included in the Finance Bill as it passed the Seanad just this morning.
At present, charges are ATM withdraws are charged by individual banks.
Section 64 of Finance Bill 2015 includes a charge of 12c on all ATM withdrawals, subject to an annual ceiling of €2.50, or €5 in the case of combined ATM and debit cards.
In exchange, the usual stamp duty on those cards is being abolished.
