New right to cash law welcomed as 'vital protection' for rural communities
New ‘Access to Cash’ legislation which will come into force this week has been welcomed, particularly for people living in rural areas, by politicians and community organisations.
Minister Marian Harkin said today (Monday, November 24) that the move will ensure people and businesses across Ireland continue to have reliable access to cash.
Minister Harkin said: “This is a vital piece of legislation ensuring that rural dwellers, older people, small businesses, and anyone who relies on cash will not be left behind.
"Access to cash remains essential for inclusion, independence, and economic activity in our towns and villages, nevertheless we have seen a spate of bank branch closures and post office closures in recent years which have negatively impacted the financial independence of rural dwellers.”
Minister Harkin said that while most transactions in shops, cafes and businesses are carried out using cards and mobile phones, there are also many people who either prefer to use cash or "don’t feel comfortable doing their day-to-day business electronically".
“In times of emergency we have seen that cash is king," she added.
The new law - passed by the Oireachtas last May - requires financial institutions to ensure that an ATM or comparable cash service is located within 10 kilometres of the vast majority of homes and businesses nationwide.
Minister for Finance, Simon Harris, is expected to sign the order that will bring these provisions into force.
Separately Senator Victor Boyhan has also welcomed the new legislation.
Senator Boyhan said that "not everybody wants or has access to online banking, many people prefer to draw out their cash from a local ATM and that’s fair enough and should be supported".
Access to Cash Act
Following the passage of the Access to Cash Act, the Central Bank undertook a national assessment of ATM and cash-service availability across the country.
Now, following the assessment, the order will legally oblige financial institutions to maintain sufficient ATM and cash-service coverage.
According to Irish Rural Link (IRL) – the national network representing the interests of rural communities - people must continue to "have the right and ability to access cash to pay for goods and services".
It said that cash remains a "crucial budgeting tool for many people, especially older residents, low-income households, and welfare payment recipients".
Seamus Boland, CEO of Irish Rural Link, said: “We welcome today’s announcement and the government’s confirmation that this new law will be signed off by the Minister for Finance this week.
"People still use cash, and they must continue to have the right to access cash regardless of where they live in the country.”
