Tens of millions of euro in small change could provide boost for local retailers
Issued : Friday 28 January, 2011
Statement by Cllr Henry Upton
It is estimated that there is somewhere between €50 and €70m in small change, in jars, bags and boxes; down the back of the couch and under the fridge, in houses all across the country.
At a time when local retailers and enterprises are crying out for business, we should be looking at ways of freeing up that money and encouraging people to spend it.
We have all seen coin counting machines in shops and supermarkets, that count and sort the coins and print out a voucher in return. However, this is a rather expensive approach, and consumers often pay over 12 per cent commission for the privilege. In any case, these machines are few and far between and many people do not have easy access to them.
I believe that the Minister of Finance should instruct banks to place one of these machines in each of their branches, and that there should be no charge for their use.
The machines could even be set up to print off vouchers that can be used exclusively in local businesses, to ensure that the money stays in the area and that support is given to local jobs.
I know in my own area, retailers are under severe pressure, and any initiative that could provide any kind of boost, would be warmly welcomed.
