Figures from the Central Bank show a significant decline in the amount of cash being withdrawn through the banking system.
Central Bank officials believe some of the decline can be accounted for by people spending hoarded cash in advance of the introduction of the euro.
In the first week of December the demand for cash through the banking system actually fell by £5m. This compares with an increase of almost £90m over the same period last year.
Although the use of debit and credit cards is on the increase, cash still accounts for almost 70% of most retail transactions. So either less is being spent due to the downturn or the cash is coming from somewhere else, most likely hoarded money.
