ATM regulations needed to avoid financial exclusion, says McGrath
Two Thirds Independent Of Ireland, Owned In Currently Are There Operators Atms By Which About 4,200 Are
Finance Minister Michael McGrath has said ensuring access to and circulation of cash is "for the good of society".
Speaking following Cabinet approval of the general scheme of the Access to Cash Bill, Mr McGrath said cash was still an important part of daily life for some people.
The bill requires compliance with regional criteria that set the minimum numbers of ATMs per 100,000 people, and the proportion of people living within 10km of an ATM and a cash service point.
"Although cash usage is in decline, people have a right to access their own cash and we are now protecting that right," Mr McGrath told RTÉ's .
The covid-19 pandemic saw a significant decline in the use of cash in Ireland, with ATM withdrawals down by one third between 2019 and 2022.
There are currently about 4,200 ATMs in Ireland, two-thirds of which are owned by independent operators.
The bill, which would give the Central Bank powers in relation to setting standards on matters such as maintenance and denomination stocking, will extend to those operated by independent companies.
Although society is moving more towards digital payments, it is important those who prefer to deal with cash are not excluded, the Finance Minister said.
"I believe there will be certain settings where it will be for the good of society to ensure that cash continues to be accepted," Mr McGrath said.
Asked if small businesses would be forced to accept cash in the future, Mr McGrath said the department had not come to a final view on the matter but added there would be changes under the national payment strategy.
“We will have to make policy decisions. I would envisage that we would define certain essential goods and services where a right to pay with cash is appropriate.”
Avoiding the risk of financial exclusion for people must be balanced with the needs of business and this is something the Government was currently considering, the Finance Minister said.
Mr McGrath said he accepted there were costs for banks associated with maintaining cash services and ATMs but added: “I do think for many people in their day-to-day life, access to cash and the ability to use it is important and we need the banks to play a role in vindicating those rights.”
A consultation process on the national payment strategy ends on February 14.