Dáil Éireann Debate, Thursday - 25 April 2024
152. Deputy Réada Cronin asked the Minister for Finance if he will instruct the banks, and in particular banks previously bailed out by the citizens, to make it their policy - not ‘an exception’ - that cash be accepted at teller desks for lodgement to personal accounts, without customers being requested to do so by machine and card, this being critical for people who are not tech-savvy; and if he will make a statement on the matter. [18574/24]
View answerI would note that, in the first instance, the nature of policies such as those highlighted by the Deputy are independent commercial decisions. However, cash has an important role in both society and the economy.
One way I am working to protect that role is through the Access to Cash Bill 2024. The General Scheme of the Bill was published on 23 January 2024, and aims to ensure that evolution of the access to cash infrastructure does not move ahead of society's needs and expectations and that the future evolution of cash infrastructure is handled in a fair, transparent, and equitable manner. The Bill will ensure continued access to cash in the State based, initially, on December 2022 levels, adjusted for the subsequent exits of Ulster Bank and KBC.
One feature of the legislation is that it will allow me to prescribe regional requirements for the minimum numbers of ATMs per 100,000 people, the proportion of the population that must be no more than 10 km from an ATM, and the proportion of the population that must be no more than 10 km from a “cash service point”. Cash service points are locations where cash can be deposited and withdrawn, during normal business hours, where in-person assistance is available. Bank branches and An Post offices satisfy this definition. The primary purpose of having cash service points is to have locations where cash can be lodged, but cash service points also provide assistance to customers who need it when depositing or withdrawing cash.
Drafting of the Bill is currently in progress. This is an important piece of legislation and is being progressed accordingly.
Concurrently, a recommendation of the Retail Banking Review, which was published in November 2022, was that the Department of Finance should lead on the preparation of a new National Payments Strategy (NPS) to be ready in 2024. The Retail Banking Review recommended that the NPS set out a roadmap for the future evolution of the entire payments system, taking account of developments in digital payments, as well as the use of cash and other issues.
The Department of Finance has established a dedicated team to develop the NPS and the Terms of Reference for the National Payments Strategy were published on 27 June 2023. A key objective of this Strategy is Access and Choice by promoting reasonable options for consumers and small businesses in the payment methods currently available to consumers in Ireland. The Strategy is also specifically considering the issue of the acceptance of cash.
I also would like to highlight that, currently, the Consumer Protection Code, Chapter 2 – Principles – states that: ‘A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it: […]2.2 acts with due skill, care and diligence in the best interests of its customers;’ Accordingly, regulated entities must abide by this ‘bests interests’ requirement. The Central Bank’s Consumer Protection Code Review Consultation Paper is currently still open, and emphasises regulated entities securing customers interests.
