MASSIVE RISKS TO STATE WITH CASH-IN-TRANSIT ARRANGEMENTS
Issued : Thursday 23 February, 2017
Labour Party Spokesperson on Jobs, Enterprise and Innovation Alan Kelly today said “There is a massive security and financial risk to the State with the current Cash-in-Transit arrangements in place. Some Cash-in-Transit businesses handle more money than the banks.
Deputy Kelly was reacting to information that the State use just one company for the purposes of disseminating social welfare payments on a weekly basis.
Deputy Kelly said “It is clear there is a huge risk to the financial operation of this State when one company is in charge of delivering social welfare payments and keeping our ATMs stocked. Some Cash in Transit businesses handle more money than the banks so when you consider the total lack of risk assessment and the failure to spread that risk it is clear the situation is worrying.
"Cash in transit is a very high risk business which is very often targeted by organized criminals. We have all read some terrible news stories where there have been kidnappings and tiger kidnappings so for the State to keep all their eggs in one basket is limited in vision and damage mitigation.
“Let’s not forget the impact of the loss of social welfare spend even for one week for businesses and the jobs reliant on them throughout Ireland so it is clear that to allow the situation continue is foolhardy. The Minister for Social Protection Leo Varadkar needs to address this situation as a priority and alleviate the massive risk to the Department of Social Protection” Deputy Kelly concluded.