The banking sector contributes €3.8 million annually towards the cost of providing Garda and Army escorts for guarding cash transits, the Irish Bankers' Federation (IBF) said today.
The IBF confirmed the figure after the vice-chairman of the Dáil Public Accounts Committee Mr John McGuinness said that the major banks pay only €1 million per annum to the State for Garda and Army escorts.
It costs the State around €5 million per year to provide up to 45 escorts each week.
"In light of this, is the proportion of the cost borne by the State reasonable or should the banks be paying more, considering their massive profits?" asked Mr McGuinness.
The IBF also said discussions "are ongoing with Government about the nature and extent of the sector's contribution".
Joint Garda-Army patrols for cash transport exceeding €380,921 were introduced in the late 1970s following a number of IRA raids. Aerial surveillance is also provided in certain cases.