Cathal Byrne (Fine Gael)

I will start my first engagement with the Minister of State by wishing him the very best of luck in his role. I sincerely hope he succeeds in his endeavours. I rise to support the Bill on behalf of my good friend and colleague, Senator Joe O'Reilly, who unfortunately cannot be here today. I am from a rural part of County Wexford. There is an opportunity underpinning this Bill to help to bridge the urban-rural divide that at times can lead to a big gap between the facilities available in large cities and towns, and those available for people in rural areas. My support for this Bill is underpinned by the fact that ultimately, the Minister for Finance will be provided with the power to prescribe criteria to preserve the cash infrastructure for the population, meaning that anybody in Ireland must be within a specified distance of not less than 5 km and not more than 10 km of an ATM.For me, that means large banks in this country will be forced to provide an ATM service for people living in isolated rural areas outside large towns where ATMs might be readily available. It is important that we recognise that is one of the goals of the Bill. It will also give people a choice so that it is not a requirement to use tap and go, have a card or be fully proficient in online banking. Many people across the country are not, and they are not comfortable with cards. They prefer, and deal in, cash. It is only right and proper that people are encouraged and given the option to have that choice so that they can choose whether they want to use electronic banking or pay through cash.

One of the core priorities of the Bill, as I understand it, is to ensure the availability and preservation of cash infrastructure is set at the December 2022 level, which takes into account the fact that KBC and Ulster Bank have withdrawn from the market in Ireland. I accept the point that was well made by Senator Keogan that we must not do anything that will serve as an obstacle to extra banks coming into the Irish market and providing competition, which is very important. She correctly highlighted making cash available and the balance between allowing extra banks into the market and creating a barrier, while at the same time allowing cash infrastructure to be available, as matters we need to set the correct priorities for in the Bill.

I also want to illustrate my support for the section which deals with capping ATM fees. That can also be a barrier to making cash available. Placing a high premium on the cost of making a withdrawal and, in effect, creating a penalty for withdrawing from an ATM, creates a further barrier to the use of cash in the economy. It is only right and proper that the Central Bank and Minister are given the power to cap ATM fees, while at the same time recognising and excluding currency charges. If a tourist visiting the country is banking in a foreign currency and subsequently makes a withdrawal, the cost should not be capped for the provider of the cash and the bank.

I want to recognise the point made by the Minister of State in his speech on the contribution the post office network makes to people across the country in making cash available. I want to again make the public aware that people can bank through the post office network. The post office network provides an important service in making cash available, in particular for smaller businesses such as local pubs, restaurants and takeaways which operate in small villages and deal in an environment where they have a busy till and need to be able to lodge cash after a weekend following a busy trading period. The post office network offers that and it is important that is protected. If small businesses do not have the ability to lodge cash locally, that is another barrier to giving people and small businesses the choice to use cash.

Another point in the Bill I want to highlight is that provision is made for a review of the access to cash criteria by the Central Bank following each census if there is a 15% drop in cash demand year on year or, if requested, by the Minister for Finance. On choice, if it is the case that the public is choosing not to use cash, and that is reflected in the hard data, then it should be possible, and legislation should be flexible enough to allow for that eventuality. It is important that the choice is made available.

On the amendments accepted in Dáil Eireann on Committee Stage, amendment No. 4, permitting the serving of notices and documents by electronic means to and from the Central Bank, was accepted. It is important that if we are to move to a period of serving notices and documents that they can be done by electronic means. It might seem at one point to be promoting the use of cash while simultaneously promoting the use of electronic notices. I do get the sense of irony in that but it is important in 2025 that people can communicate through email, should they choose to do so. My last point is that there are penalties in this legislation if a large bank is not following the requirements of the Central Bank and the Minister for Finance, to make cash available across the country, Those penalties should be severe and fully optimised in order that it is easy to enforce the requirements contained in the legislation. On behalf of the Fine Gael Group, I say that we support this legislation.