Dáil Éireann Debate, Thursday - 1 February 2024
101. Deputy Michael Moynihan asked the Minister for Finance what engagement he has had with the Central Bank and key players in the cash system in order to establish what the appropriate levels of access to cash are to ensure that any further evolution of the cash infrastructure will be managed in a fair, orderly, transparent and equitable manner for all stakeholders; and if he will make a statement on the matter. [4279/24]
Amharc ar fhreagraOn 23 January, I published the General Scheme of the Access to Cash Bill 2024. The Access to Cash Bill stems from a recommendation made by the Department of Finance's Retail Banking Review, published in November 2022. The aim of the Bill is to ensure continued reasonable access to cash in the State based, initially, on December 2022 levels, adjusted for the subsequent exits of Ulster Bank and KBC.
In the course of preparing the Heads of Bill during 2023, my Department, working closely with the Central Bank, consulted extensively with key stakeholders in the cash system when considering the framework for access to cash in Ireland, including the appropriate levels of access to cash.
This engagement included the Banking and Payments Federation of Ireland and its member retail banks, Cash-in-transit companies, Independent ATM Operators, the members of the Irish Retail Payments Forum, which is hosted by the Central Bank, the Department of Enterprise, Trade and Employment, the Competition and Consumer Protection Commission and the Private Security Authority.
The legislation establishes a framework for the fair, orderly, transparent, and equitable management of future changes in cash infrastructure by setting population and capacity criteria on a regional basis that must be complied with by the designated entities, which will be the three retail banks initially.
There will be a requirement for reviews of the criteria by the Central Bank following the publication of new Census data on population or if cash demand drops by more than 15% in a calendar year compared to the previous calendar year. A review must also be carried out if the Minister requests one and the Central Bank may also carry out a review on its own initiative.
The Central Bank must take account of cash demand, population changes, financial inclusion, operating costs related to the cash infrastructure and any other matters the Bank deems relevant when preparing a review. The Minister must have regard to the Central Bank review when amending the criteria by regulation.
