Results 2,321-2,340 of 35,540 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: I could take the example of the west, however. An ATM could be taken out of Connemara and moved into Galway city. The ATM would still be in the west and the same region, albeit an urban part of the region. The people in Connemara who used to have access to an ATM within 5 km, however, will now have to travel 25 km to Galway city to access it. There will probably be another ATM between...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: That is grand. I wanted to clarify that. As many ATMs are located in shops, there is access to cash only until 6 p.m. People need cash when they are going out later in the evening, however, and all that kind of stuff. ATMs are part of the fabric of our society. There are no criteria relating to where a person can get access to cash. People need access to cash after 6 p.m. We cannot...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: This goes back to my earlier point that this relies on trust in terms of having to go through this other step. If we want to preserve access to cash, why not figure out where there is access to cash 24-7? Do the Department know that? Do it know the figures for the penetration within 10 km 24-7?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: How much would that be overall? Would it be a third or a fourth?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: A quarter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: Does the Department have the data for how many people live 10 km from an unrestricted ATM?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: 96%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: That is a very high penetration if we take 10 km to be a reasonable distance. Some people will argue it is not. The deficiency in this Bill is that we are not guaranteeing that level of access into the future. There is a difference between access to cash between 9 a.m. and 6 p.m. and access to cash in the evening. We have been there and done that. People are out and about in towns. It...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: In reality, how could they not? The trajectory of this is to allow the Minister to vary the numbers so that the number of ATMs would be limited because the overall population is using or withdrawing less cash. People are still using cash in big numbers and it is likely that the people who do so are those who are financially excluded, who do not have a bank account and need to make sure they...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: Mr. Palmer's point is valid. It is a good example of what could happen in the future, but the legislation we are dealing with allows the Minister to vary the percentage, which, let us be realistic, will not be increased, of ATMs within 10 km. That will have a financial inclusion impact. Otherwise, we should just say the Minister does not have that right and the penetration as regards...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: Yes, I hear what Mr. Gilvarry said, but I do not agree with him. I agree that there should be flexibility in the legislation, but all that is being done by allowing the Minister to drop the percentage of people who have access to cash within 10 km, is taking services away from rural areas. That is the reality of it. There will be people who are relying on that, which is making it a bit more...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: Let us circle back to the issue of the local deficiency, where a local deficiency has been identified, and the Central Bank of Ireland agrees that the deficiency has existed, how is it determined to resolve that? There will only be three institutions that will be party to resolve that. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: They are AIB, Bank of Ireland and Permanent TSB.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: What are they defined as?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: It does or does not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: What percentage of household deposits are to Revolut at the minute?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: Household deposits are really to the three banks, where the figure is €150 billion. In the credit unions, the figure is €17 million. We therefore suspect that what Revolut has is tiny because, as Mr. Palmer said, they are secondary accounts and people use them for paying for things, for children's accounts, etc.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: That is okay. Let us go back to the core issue. Let us just continue this conversation. Revolut is now offering loans, it is doing vaults, etc. If Revolut has approximately €10 billion in deposits, it will become designated and will have to provide ATM machines. They will have to be part of the solution. Is that the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of the Access to Cash Bill 2024: Discussion (27 Feb 2024)

Pearse Doherty: That is okay. Let us go back to the question of the three that will be designated. Consider a hypothetical situation in Inis Meáin where an independent operator will close the ATM machine. A complaint will be made from the local comharchumann to the Central Bank of Ireland, which recognises that there is a local deficiency. How will that be resolved? There are three operations and...