Bank of Ireland appointed as financial partner for new National Deposit Return Scheme

Bank of Ireland was appointed as Re-turn’s sole financial partner. This is Ireland’s new National Deposit Return Scheme (DRS), which was established to help Ireland meet EU recycling targets. A measure that will help recycle close to 2 billion beverage bottles and cans consumed in the country annually.

Taking into account the EU directive on single-use plastics, Ireland will be obliged to ensure separate collection of 77% of plastic beverage bottles placed on the market by 2025, rising to 90% by 2029.

The Bank of Ireland will finance this action with 27.5 million euros to facilitate the development and implementation of the plan, which will be launched in February 2024. more than 90% of producers and more than 2,500 stores have already registered.

The Minister of State responsible for Communications and the Circular Economy, Ossian Smyth TD, said in this regard: “The introduction of a National Deposit Return Scheme has been a major undertaking for the beverage industry in Ireland. In turn, its members and their partners have shown great commitment and leadership in coming together to develop this exciting new circular initiative and have made significant progress in preparation for the launch of this Scheme in February next year.”

Nikki Canavan, Head of Origination and Sustainability at Bank of Ireland Corporate and Markets, added: “supporting the green transition is a really key part of Bank of Ireland’s sustainability strategy, so we are delighted to play a role in helping Re-turn deliver this important scheme that will benefit households and communities across the country. We will continue to work proactively with the retail sector to promote the successful implementation of the Deposit Return Scheme.”