The new Access to Cash Law aims to ensure that every individual has adequate access to cash services throughout the country. Under this legislation, there will be an ATM located within a 10km radius of most residents. The law mandates banks to maintain their ATM numbers as they stood at the end of 2022 and requires specific businesses, including pharmacies, to accept cash payments.
Background of the Legislation
This initiative follows a 2022 recommendation from the Department of Finance’s Retail Banking Review. The goal is to prevent financial exclusion for those who depend on cash transactions. The legislation is designed to ensure that approximately 97% of the population can access a cash service point within 10 kilometers.
- 97% of the population can access cash services within 10km.
- 99% must be within 10km of a counter service.
Implementation and Regulations
The provisions of the Access to Cash Law were formally initiated by New Finance Minister Simon Harris. The Oireachtas passed the legislation last May. Under the new rules, the Finance Minister has the authority to prohibit ATM cash withdrawal fees.
Despite an increase in digital payments, the law comes as recent reports show a slight uptick in cash usage in Ireland. A survey revealed that 92% of respondents continue to use cash, up from 91% in 2024.
Impact on Rural Communities
Harris emphasized the law’s significance for rural areas, which have faced numerous bank branch closures in recent years. The Banking and Payments Federation Ireland (BPFI) has raised concerns about the burden of providing ATMs falling on a few major banks: AIB, Bank of Ireland, and PTSB. These banks currently control about onethird of the ATM infrastructure.
Concerns from Banking Authorities
Brian Hayes from BPFI noted that if independent ATM providers withdraw services, the main retail banks will be compelled to fill the void, despite not owning the complete network. Hayes also pointed out that entities like Revolut and An Post are not obligated to provide ATM services under this new law.
Oversight of the Legislation
The Central Bank will monitor compliance with this legislation and address public complaints regarding insufficient access to cash services. Additionally, the government is urging households to maintain a small amount of cash for emergencies.