Legislation to oblige banks to provide ATMs in certain areas, guaranteeing access to cash infrastructure, particularly in rural areas, has been passed by the Seanad and now goes to the President for consideration.
The Finance (Provision of Access to Cash Infrastructure) Bill was introduced in the wake of concerns that increasing numbers of ATMs were being removed following a decline in cash usage.
Passed last month by the Dáil, the legislation aims to protect the role of cash in Irish society and in the economy in the future. The Bill was published last year by then minister for finance Michael McGrath, who said that “in the absence of a legislative intervention, it is likely that over time we would see more and more ATMs removed from communities across the country and I do not want to see this happen”.
The Bill gives the Central Bank powers to address issues affecting those accessing cash, including oversight to ensure ATMs are properly maintained and that the “out of service” experience of consumers is kept to a minimum.
The legislation was prompted by a recommendation made by the Department of Finance’s Retail Banking Review, published in November 2022, which highlighted the importance of cash to ensure people did not suffer financial exclusion.
The review stated that cash is needed as a safety blanket in case of power outages in electronic payment or cyberattacks.
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The Bill requires a set minimum number of ATMs per 100,000 people and imposes certain obligations on the three main banks.
Fine Gael Senator Seán Kyne said Storm Éowyn demonstrated that cash was “absolutely vital” when “the system shut down and shops didn’t have access to the till”.
His party colleague, Senator Cathal Byrne, said “ATMs should be modernised “and move with the times” to allow people to withdraw cash through contactless with Apple Pay and Google. He also said that ATMs should all have the facility to allow for lodgements as well, as businesses did not want to keep cash on their premises overnight.
Aontú Senator Sarah O’Reilly said “that for some, particularly older people, cash is simply what they know and trust.
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“For others working on irregular incomes, cash provides a tangible way to manage budgets, and for victims of domestic violence, having access to and control over cash can be a crucial lifeline to autonomy and safety.”
Minister of State Seán Canney told Senators that as of December 2022, there were 4,218 ATMs in operation in a “good spread” across the country. He said the objectives of the Bill is “to ensure sufficient and effective access to cash” and to “provide a framework to manage future changes in cash infrastructure in a fair equitable and transparent manner”.
He pointed out that a review would be undertaken if there was more than 15 per cent drop in cash demand in a calendar year. Central Bank data showed that cash withdrawals declined by 9.69 per cent from June 2023 to 2024.
