Access to cash protected in new draft legislation - Smith
New draft legislation will ensure access to cash in the State is rightly protected, says Fianna Fáil TD Brendan Smith.
Deputy Smith’s party colleague, Minister for Finance Jack Chambers TD published a new Bill in recent weeks.
The Finance (Provision of Access to Cash Infrastructure) Bill aims to ensure that access to cash is available in the State, and that any further evolution of the cash infrastructure will be managed in "a fair, orderly, transparent and equitable manner" for all stakeholders.
Deputy Smith said: “Cash plays a hugely important role in our economy. It is the preferred method of paying for many people and they deserve to have access to cash and to use cash whenever they see fit.
“Cash is a private, secure and instant form of payment and many people use it as a budgeting tool. It stops people racking up huge bills on credit cards. Cash is also hugely important for small to medium sized enterprises (SMEs) so it must remain widely available and accessible. It is only right that it is protected.”
The Cavan-Monaghan TD added that this new Bill aims to put in place a framework to ensure continued sufficient and effective access to cash in the State.
“Fianna Fáil in Government will continue to prioritise access to cash,” he added.
The Bill 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 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.
The Bill also provides for the rectification of local deficiencies – locations where particular difficulties arise in accessing cash. Furthermore, the Bill allows the Minister for Finance, following consultation with the Central Bank of Ireland, to make regulations that prohibit or cap the maximum access fee that can be charged if access fees are introduced in the future because they become a barrier to cash access and decrease financial inclusion.