Central Bank wants to stop printing euro notes here

CENTRAL Bank management is seeking approval to cease printing euro banknotes in Ireland and outsource production to another eurozone country.

The move – which sources said would result in “significant cost savings” – would have an impact on 45 jobs at the bank’s south Dublin mint.

Production of coins would continue at the facility in Sandyford. Savings would be made in annual production costs as well as in avoiding investment costs that would be incurred it banknotes continue to be printed here.

Sources said it was not a reflection of the work carried out by staff at the facility, rather developments in the cost of printing banknotes across eurozone countries.

The Central Bank last night confirmed the move is being considered, but did not provide a figure for savings that would be made. It said it did not intend to seek compulsory redundancies.