The Government has published a bill aimed at protecting the role of cash in the Irish financial system. The Finance (Provision of access to cash infrastructure) Bill 2024 places obligations on the three main banks to provide access to ATMs and cash points.

The plans arise from recommendations made in the 2022 Retail Banking Review on preventing financial exclusion, and the need for a safety net in the event of outages or cyber-attacks affecting electronic banking or the payments infrastructure.

It also provides for the registration and supervision by the Central Bank of ATM operators and cash-in-transit providers.

Speaking following the publication of the Bill, Minister for Finance Jack Chambers said cash continues to play an important role in our economy, “Cash is important to consumers in all walks of life because it is a private, secure, and instant form of payment.

“It is a budgeting tool for many, and it allows individuals to maintain their financial independence.

“It is also important for the day-to-day revenue and expenses of so many of our small-to-medium enterprises,” he added.

The 2022 Retail Banking Review also called on Department officials to require ATM operators to be authorised and supervised by the Central Bank and to provide the Central Bank with responsibility and powers to protect the resilience of the cash system.

The Bill incorporates both of these elements in one piece of legislation, and establishes that access to cash will be maintained, initially, at approximately December 2022 levels. It places an obligation on designated entities, the three main retail banks in the first instance, to ensure in each of the NUTS 3 regions that:

• a specified percentage of the population must be within no less than 5km and no more than 10km of an ATM.
• there is a specified number of ATMs per 100,000 people.
• a specified percentage of the population must be within no less than 5km and no more than 10km of a cash service point, either a bank branch or a post office.

Reacting to the publication of the Bill, Banking & Payments Federation Ireland (BPFI) said the banking industry is fully committed to playing its part in ensuring reasonable access to cash, both now and in the future, in accordance with consumer demand.

“This is clearly demonstrated through continued investment in the provision of cash services including branches and ATMs as well as extensive engagement with all relevant stakeholders since Access to Cash legislation was first proposed,” BPFI said in a statement.

The Department of Finance said reviews of the access to cash criteria will be carried out following the publication of final Census population data, if cash demand drops by 15% in a calendar year compared to the previous year, or at the request of the Minister for Finance. A review may also be carried out on the Central Bank’s own initiative.

NB – This is a guide for information purposes only and does not constitute legal advice. If you have an issue requiring legal advice, please contact any of the team at Nolan Farrell & Goff LLP, whose numbers can be found on our website www.nfg.ie, or email info@nfg.ie.