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New rules will allow public to raise cash access concerns
🇮🇪 Ireland /Economy & Trade

New rules will allow public to raise cash access concerns

From RTÉ News · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • New guidelines will allow the public to directly report concerns about cash access to the Central Bank.
  • These measures aim to ensure local communities maintain adequate access to ATMs and cash services.
  • The Central Bank will consider factors like closures, population changes, and financial inclusion when assessing concerns.

Members of the public will soon have a direct channel to raise concerns with the Central Bank if they face difficulties accessing cash in their local areas. The Tánaiste and Minister for Finance, Simon Harris, is expected to approve new guidelines proposed by the financial regulator. These guidelines are designed to strengthen the "Access to Cash" measures introduced last year.

The existing rules set criteria for ATM and cash service point availability, including minimum population coverage within a certain distance and the number of ATMs per capita. The upcoming guidelines will empower individuals, small businesses, and community organizations to notify the Central Bank about local deficiencies in cash access, even if regional requirements are met. This allows for addressing situations where local needs are no longer being satisfied.

People and small businesses need confidence that they can continue to access cash services when and where they need them.

— Spokesperson for Mr. HarrisExplaining the purpose of the new guidelines to ensure public confidence in cash services.

The Central Bank will outline the required information for these notifications and detail its assessment process. Factors such as ATM or branch closures, population growth, travel distances, local geography, demographic considerations, and the impact on financial inclusion will be considered. This ensures a comprehensive review when determining if a local deficiency exists and if remedial action is necessary.

In February, the Central Bank's first quarterly report indicated that Ireland's cash infrastructure largely met the set criteria, with just over 4,000 ATMs and 1,200 cash service points nationwide. However, six instances were identified where the criteria were not met. A spokesperson for Minister Harris emphasized that these guidelines provide communities with a clear route to voice concerns, ensuring people and businesses have confidence in accessing cash services when and where needed.

These guidelines will ensure that communities have a clear route to raise concerns where local access to cash is becoming more difficult

— Spokesperson for Mr. HarrisHighlighting the benefit of the new measures for local communities.
DistantNews Editorial

Originally published by RTÉ News. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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