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Review of Cheque Guarantee Scheme

The UK has already announced an end-date for cheques in 2018 and as part of this process they have also announced that the cheque guarantee scheme is to be withdrawn on 30th June 2011.  As cheque usage in Ireland is in rapid decline and likely to go a similar route as part of a national payment plan, the Irish Payment Services Organisation (IPSO) are keen to ensure that any such move is actively managed.

As part of the process IPSO have asked SFA for our views.  The areas they are addressing are the impact the removal of the Cheque Guarantee Scheme may have, especially for businesses?  What should be the end date for cheques in Ireland?  How much longer should the Cheque Guarantee Scheme be maintained?

If you have any views that you would like included in the consultation process, please email Avine McNally at e-mail: avine.mcnally@sfa.ie