The top banks and associated security firms have announced a new code of practice that is aimed at significantly raising standards in the cash in transit industry.
In response to the spate of cash in transit robberies earlier this year Minister for Justice, Equality and Law reform Michael McDowell called together financial institutions; the main cash in transit security companies; An Garda Síochana and the Private Security Authority.
Today, alongside Garda Commissioner Noel Conroy he announced the outcome - a code of practice which will, Mr McDowell said, "significantly improve all safety and security aspects of cash in transit."
Mr Conroy concurred adding: "The code of practice sets out an integrated end-to-end solution for major cash movements that will encourage the highest standards of security operations and the installation of leading edge protection systems."
The Central Bank, AIB, Ulster Bank, Permanent TSB, National Irish Bank, Brinks (Ireland) and Securicor have all signed up to the guidelines.
Minister McDowell recognised that cash in transit robberies had "serious and long term implications for society".
"The money is often used to fund other illegal activities and criminals will use firearms to protect the cash," he added.
Due to the need for confidentiality Minister McDowell was unable to give details of the code of practice but did indicate that new technology played a major part: "GPS and vehicle immobilisation, along with cash boxes and traceability" will all play their part in improving standards.
Mr Conroy pointed out that An Garda Síochana also have a role to play in maintaining standards and pledged full backing for the initiative. He also acknowledged that signed documents are not a solution but he believed that the code of conduct was a "major step forward from March when public confidence in the cash in transit industry was at an all time low."
The organisations involved have until December 2006 to implement the code of conduct fully across all aspects of the industry.