Linfox executive chairman Peter Fox says the billionaire family will keep Armaguard in business for at least three years, but only if the banks and major retailers agree to pay more for its monopoly cash transit services.

Mr Fox, in a rare interview, singled out the Anna Bligh-led Australian Banking Association for the failure of negotiations last week. The negotiations were meant to provide short-term support for the business, which is losing money as the use of cash plummets.