Schmiedel, H., Kostova, G., Ruttenberg, W. (2012) “The social costs of retail payment instruments: A European Perspective”, ECB Occasional Paper Series, No 137. 3  De Nederlandsche Bank (2012) “Factsheet: Contante Betalingen Geteld http://www.dnb.nl/en/news/news-and-archive/dnbulletin-2012/dnb274102.jsp. 2  2011”,  available  at  BIS central bankers’ speeches  the Eurosystem stood ready to accommodate the resulting precautionary demand for banknotes to avoid further disruptions.
The situation in Cyprus has also reminded us that cash is both a means of payment and a store of value of last resort. If banks are closed, cheques are no longer accepted and even the payment cards of stressed banks are no longer trusted, so cash appears to be the only way to settle a transaction immediately and without credit risk.