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The Minister for Finance says cash usage is on the decline but that access to cash remains an important part of daily life for many people.
Michael McGrath said the access to cash bill will protect the country’s ATM services and ensure there is not a further reduction in the level of service available.
In addition ATM operators and cash in transit carriers will be regulated.
Under plans brought to Cabinet yesterday by the Minister, shops and pharmacies will have to accept cash as part of plans to keep physical money in the economy, given that some people prefer to use it.
The Access to Cash Bill also gives the Central Bank powers to compel banks to provide ATMs in areas where people have difficulty withdrawing cash.
It is understood that Mr McGrath’s aim is to restore the number of ATMs to 2022 levels before Ulster Bank and KBC Bank Ireland left the retail banking market.
Speaking on Morning Ireland today, the Minister pointed out that ATM withdrawals dropped by a third between 2019 and 2022 but said the need for cash does remain.
He said the amount of money withdrawn at ATM machines was almost €20 billion in 2019, but that had fallen to €13.5 billion by 2022.
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Mr McGrath said the new bill will provide regulation making powers for the Central Bank to ensure there are good customer service standards and that ATMs are properly maintained.
The Minister said ATMs are operated by a combination of financial institutions and independent operators.
Around two thirds are operated by independent operators, he said, and these will come under the new regulations.
Michael McGrath said the bill will give a guarantee that there will be no diminution in the level of overall access.
He said the Central Bank will be able to examine ATM availability in an area.
The Finance Minister also said today that the national payments strategy is currently out for public consultation.
He urged people to engage in the consultation which will close on February 14.
He explained the strategy deals with the key question of a person’s ability to use their cash.
Mr McGrath said he believes that failure to intervene would lead to more ATMs being withdrawn and the ability to spend cash would be diminished.
He told Morning Ireland that he thinks there are certain settings where cash should be accepted for the good of society.
But this is not to say that every business or retail will be required to take cash, he added.
Minister McGrath acknowledged that handling cash does cost business.
However he said if efforts are being made to ensure people can access cash, then they must also be able to use it.
The Minister also stated that he likes to carry cash himself.
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