Bank of Ireland has confirmed that it is piloting a new initiative aimed at reducing the amount of cash held in branches.

The bank says it has told some business customers that it will no longer accept cash lodgements above a certain threshold.

Instead they want the business owners many of whom have small or medium-sized operations to hire security companies to collect the money instead.

Bank of Ireland says the pilot initiative will enhance security for both its customers and staff and will affect less than 1% of its business customers.

The pilot scheme is currently being operated in the north-east and Cork.