Dáil Éireann Debate, Tuesday - 26 July 2022
404. Deputy Alan Dillon asked the Minister for Finance if he will consider introducing legislation to regulate the minimum standard of financial services that a bank operating in Ireland must provide including cash transactions to its customers; and if he will make a statement on the matter. [41269/22]
View answerOver the last decade, we have seen a shift in the way consumers and businesses are paying and banking. While historically Ireland has been a relatively cash-intensive economy, significant changes have occurred with a rapid increase in the take-up of electronic payments is evident. The Covid-19 pandemic has acted as a potential catalyst for the move towards digital payments and the move away from cash.
Notwithstanding a significant increase in the take-up of electronic payments, cash remains a vital part of the Irish payment system.
The changes currently underway in the Irish retail banking sector are a reflection of the wider challenges the banking sector is facing, not only in Ireland but also abroad. It is because of these changes that I have instructed my Department to undertake a broad-ranging review of the retail banking sector, which is currently taking place.
A key part of this review will be to examine the use and availability of cash in Ireland and determine whether any legislative proposal is needed in this regard.
The review is due to be completed by November 2022.
