Fears for future of Sandyford jobs

THE Central Bank has acknowledged that jobs could be impacted if a decision is made to cease printing banknotes at the Sandyford Currency Centre. 

The bank recently announced that it intended to review its strategy for banknote production at the centre.

The purpose of this review, it said, was to determine how the Central Bank meets its obligations for the allocation of annual Euro banknote production. 

A spokesperson said last week that the review had been completed but that a decision had not yet been taken on the matter by the Central Bank Commission.

“The proposal from management involves sourcing the banknotes from within the Eurozone and ceasing the printing of banknotes at the Central Bank’s Currency Centre,” the spokesperson said.

“This proposed change will have no impact on the supply of banknotes in Ireland, the majority of which are produced elsewhere. All other currency related operation at Sandyford Currency Centre would continue as normal.

“If the Commission takes the decision to cease printing, a total of 45 staff (of the 170 staff in the Central Bank’s currency centre) will be impacted. The staff and their representatives are fully aware of the proposal.”

The spokesperson added that the Central Bank does not intend to seek compulsory redundancies and is committed to redeployment and retraining opportunities for impacted staff. It also said a voluntary severance package will be made available to those staff.

“If a decision is taken to cease printing, the Central Bank is committed to engagement with staff representative bodies through the normal industrial relations channels on the implications for impacted staff,” the spokesperson added.

However, SIPTU Services Divisional Organiser, Karan O Loughlin, said the facility was a national strategic asset and that for a country like Ireland to lose the capacity to print our own money into the future could have serious consequences.

 “The uncertainty created by Brexit and the rise of right wing politics in many parts of Europe, and the associated anti-European Union sentiment means that the environment continues to be very uncertain,” Ms O Loughlin said.

“While it is clear that Ireland remains committed to the Euro as a currency, the same cannot be said for all member states currently engaged in monetary union.

“Should the unthinkable happen and the Euro currency was to cease, the skills and technical knowledge required for Ireland to print its own currency will be essential.”

Ms O Loughlin added: “Unfortunately, once the Sandyford print works facility is lost these skills will be difficult to recover.”