Dáil Éireann Debate, Thursday - 1 February 2024
96. Deputy Jackie Cahill asked the Minister for Finance the action he proposes to take to protect the role of cash in our society and economy in the future; and if he will make a statement on the matter. [4265/24]
Amharc ar fhreagraCash has an important role in both society and the economy, and involves both access to, and acceptance of, cash. I am working to protect that role in two ways.
The General Scheme of the Access to Cash Bill 2024 was published on 23 January, and will preserve cash infrastructure initially at approximately December 2022 levels, accounting for the exit of KBC and Ulster Bank.
The Bill will make designated entities, whose share of current accounts and household deposits meet or exceed percentages I will prescribe, responsible for maintaining access to cash levels. This will, initially, be the three main retail banks.
The legislation 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that must be no more than 10 km from a “cash service point”, which are locations where cash can be deposited and withdrawn, with in-person assistance available, during normal business hours. Both bank branches and post offices satisfy this definition of a cash service point,
“Local deficiencies,” will also be addressed by the Central Bank under the legislation. These are cases where, although the population and capacity criteria are being met in a region, localised difficulties occur within the region with access to cash infrastructure. The Bill also provides for registration and supervision by the Central Bank of independent ATM deployers and Cash-in-Transit firms (CITs).
With regard to the acceptance of cash, a new National Payment Strategy is being developed by my Department. The Strategy will, among other things, look at the acceptance of cash in the future payments system and I expect it to be published later this year.
As part of the development of the Strategy, a public consultation is currently being undertaken and I would encourage contributions to that process. The consultation will close on 14 February 2024.
