Sharon Keogan (Independent)

The Minister of State is very welcome and I wish him every good luck in his new portfolio. I rise today in support of the Finance (Provision of Access to Cash Infrastructure) Bill 2024. This legislation is not merely timely; it is essential for safeguarding our economy, our communities and our national resilience. Recent events have underscored the fragility of our digital infrastructure. On 28 April, a massive power outage swept across Spain and Portugal, plunging millions into darkness. Electronic payment systems failed, ATMs went offline and businesses were unable to process card transactions. Consumers scrambled for cash to purchase basic necessities, highlighting the critical role of physical currency in times of crisis. Even here in Ireland, we saw the recent consequences of Storm Éowyn, when many Irish citizens were left without electricity and other essentials for weeks. This showed that we are vulnerable and that a similar situation could develop here at any time. These examples serve as a stark warning. Our over-reliance on digital payment systems leaves us vulnerable. It would of course be best if our Government were better prepared to deal with disasters and ensured that we would be resilient in the face of cyberattacks and power outages. Since that is so evidently not the case, it is important that we do the next best thing.

In Ireland, the trend towards a cashless society has been accelerating, with 69% of business reporting a decrease in cash usage over the past year. While cashless transactions offer convenience, they are not infallible. Power outages, cyberattacks or technical failures can disrupt these systems, leaving consumers and businesses stranded. Small and medium-sized enterprises, the backbone of our economy, are particularly at risk. Many small businesses rely on cash transactions for daily operations. The Small Firms Association reported that over 80% of small businesses have experienced rising costs, with 35% stating that they could not trade beyond six months without additional funding. Ensuring access to cash is vital for their survival, especially during unforeseen disruptions.

This Bill aims to maintain cash access at December 2022 levels, ensuring that 99% of the population is within 10 km of a cash service point. It also introduces penalties for banks and ATM providers that fail to meet these requirements. These measures are necessary to guarantee that cash remains a viable option for all, particularly the elderly, those on fixed incomes and residents in rural areas. Critics may argue that these regulations impose additional costs on banks and deter new entrants into the Irish market. However, the cost of inaction is far greater. We must prioritise the financial inclusion and security of our citizens over the convenience of financial institutions. In conclusion, this Bill is a necessary step to ensure the resilience of our economy and the well-being of our citizens. In brief, colleagues, for when the lights go out, we need to ensure that our citizens have a stash of cash to hand.