Mary Butler (Waterford, Fianna Fail) | Oireachtas source

I thank all Deputies who contributed to this debate for their support and constructive engagement on this important legislation. I am certain that my colleague, the Minister, Deputy Chambers, looks forward to engagement with Deputies on Committee and Report Stages on the issues raised this evening.

As the Minister, Deputy Chambers, stated, the purpose of the Finance (Provision of Access to Cash Infrastructure) Bill is to ensure sufficient and effective access to cash is available in the State, and to put in place a framework so that any further evolution of the cash infrastructure will be managed in a fair, orderly, transparent and equitable manner.

The framework that the Bill proposes to put in place has a number of important features, including the introduction of access to cash criteria, the facility to report a local deficiency, mandatory requirements for monitoring and reporting in relation to ATMs and cash service points, information gathering and sharing between relevant bodies, and the setting of service standards for ATMs. These elements will provide certainty for members of the public regarding the availability and accessibility of cash, a certainty that many will welcome.

The legislation has been carefully drafted to avoid imposing an excessive burden on those concerned, and contains provisions for the access-to-cash criteria to be reviewed by the Central Bank. Reviews will happen following updated census figures, if cash demand drops significantly in a calendar year, or if the Minister for Finance requests a review to be done. The Central Bank may also conduct a review on its own initiative at any time. These provisions ensure that the criteria can be adjusted in response to the demand for cash in the State as it changes, and that the access to cash framework can evolve with demand thereby remaining sufficient and effective into the future.

Ireland is not alone in introducing legislation of this nature. A collaborative access-to-cash solution from industry is the norm in several countries, as well as governing legislation.

This legislation also dovetails with progress at EU level. The European Commission published a proposal for a regulation on legal tender in June 2023 to look at access to, and acceptance of, cash across member states. The proposal places an obligation on member states to ensure sufficient and effective access to cash, to monitor and assess access to cash, and report to the Commission and the European Central Bank. This Bill aligns with the EU legal tender proposal.

There are, as has previously been said, those who prefer or rely on cash for a variety of reasons. For example, as has been stated here, older people have reported feeling a push towards online banking, despite a preference for cash. Indeed, the Department of Finance's consumer sentiment banking survey, published last week, found that in-person branch visits are the preference among those aged 65 or older, who are also more likely to spend a higher proportion each week using cash.

This is why the Minister for Finance is pleased to present this legislation today; it will ensure that those who rely on cash can continue to do so, and will also establish a framework to ensure that cash access infrastructure in Ireland can respond to changing demand in the future.

As Minister of State for mental health and older people, I believe that access to cash is a serious issue. Ireland was the first country in the world, in 2019, to receive age-friendly status from the World Health Organization. I believe that this Bill is an age-friendly initiative and I genuinely welcome it.

This is important legislation, and the Minister for Finance looks forward to further discussion on the Bill as it progresses through the House.

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