Mr. John Palmer:

Again, it goes back to one of the underlying basic justifications for the Bill, which is to enable all of us to access our own money in cash or to be able to lodge cash to our own accounts. That money is with the banks. It is not with the independent ATM deployers, IADs. The IADs are merely providing a service and do not service payment accounts or bank accounts and they do not hold them. They cannot lend the money. In fact, it is a very low-margin business. If we were to put an obligation on them to keep or provide ATMs, frankly, that would wipe that business out. In that case, it would fall on the designated entities.

Regarding credit unions, within the realms of possibility to become designated entities in the future, even the largest credit union is a long way away from being anywhere near being a designated entity. However, we are seeing ongoing consolidation, so in ten or 20 years’ time, if a single credit union had a large share of deposits, then it would be appropriate for them to become a designated entity.

Another example you will hear of is An Post. Why are they not in there? They are providing the services of a bank. We see An Post as part of a solution, particularly regarding cash services points, or places people go to lodge money. Yet, An Post is not a bank. It has a small payments business and the vast majority of money attributed to it is in fact in State savings. That is in the Exchequer or is lent to the Exchequer. We do think it is appropriate to bring An Post into this.