The Central Bank has confirmed that it will stop printing bank notes at its mint in Sandyford, Co Dublin.

A Central Bank spokesperson said there will be no impact on the production of Irish euro coins or the supply of cash to the national cash cycle as a result of this decision, as the majority of banknotes in Ireland are already produced elsewhere. 

The decision to source banknotes from a third party in the euro area is in line with the approach taken by many other national central banks, the spokesperson sadded.

The Central Bank has reached an agreement with its Printworks staff, through their union SIPTU, on the terms of stopping banknote production. 

It is expected that all print operations will be completed by the end of April and staff in the Printworks will then either redeploy to other roles within the Central Bank or exit on agreed redundancy terms.

Sources have said the move will see 20 redundancies at the mint.

The Sandyford mint did not print all the country's banknotes but received an allocation (believed to be in the region of €1.8m) from the ECB and it mainly printed €10 and €20 notes.

"The process to select a provider for our future annual banknote allocations, starting with the 2019 allocation, is underway," the Central Bank said.

It is believed one of the reasons the mint decided to stop printing notes was that huge investment was needed to upgrade the Irish facility which had limited printing abilities. 

The price of printing notes has also increased and the cost of printing bank notes here was quite high as the paper and the ink had to be shipped in and then the finished product shipped back out again – resulting in high security and transport costs.

There is also a drive by European governments for contactless payments and while the Central Bank still shreds bank notes here, it has noticed a decline due to lower levels of cash in society.