Seán Haughey (Dublin Bay North, Fianna Fail)
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75. To ask the Minister for Finance the action he is taking that the future evolution of cash infrastructure in the State will be managed in a fair, orderly, transparent, and equitable manner; and if he will make a statement on the matter. [28426/24]

Michael Moynihan (Cork North West, Fianna Fail)
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I ask the Minister for Finance about the actions he and his Department are taking about the future evolution of cash infrastructure in the State, both to ensure cash is legal tender and acceptable, and that it is managed in a fair, orderly, transparent and equitable manner.

Jack Chambers (Dublin West, Fianna Fail)
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I thank the Deputy for raising this issue. The Department of Finance's retail banking review published in November 2022 concluded that cash still has an important place in our economy and it recommended that the Department of Finance develop access to cash legislation to establish a framework to ensure that the future evolution of cash infrastructure in the State will be managed in a fair, orderly, transparent and equitable manner. It also recommended that the starting point should be the level of cash infrastructure based on the levels prevailing in December 2022.

My predecessor published the general scheme of the finance (provision of access to cash services) Bill 2024 in January of this year. The Bill provides that the Minister for Finance shall prescribe regional criteria to require that a specified percentage of the population must be within a distance of not less than 5 km and not more than 10 km of an ATM. There must be a minimum number of ATMs per 100,000 people and a specified percentage of the population must be within a distance of not less 5 km and not more than 10 km of cash service points. These are locations where cash can be lodged and withdrawn and where there is in-person assistance available. Bank branches with cash services and post offices satisfy this definition.

Provision is also being included to address local deficiencies in the ability to access cash should these occur, even if the more general regional criteria are being complied with. Credit institutions with shares of current accounts and household deposits above levels prescribed by the Minister will be responsible for ensuring compliance with the access to cash criteria. To ensure the obligations imposed by the legislation remain objective and proportionate, the access to cash criteria will be reviewed by the Central Bank following the publication of population data in each new census. Reviews can also occur between each census if cash demand drops by more than 15% in a calendar year compared with the previous calendar year, at the request of the Minister for Finance or at the Central Bank’s own initiative.

The Bill also brings ATM deployers and cash in transit providers within the regulatory perimeter of the Central Bank of Ireland. Drafting of the Bill is nearly completed and I intend to seek Government approval to publish it in the coming weeks.

Michael Moynihan (Cork North West, Fianna Fail)
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It is hugely important that the Bill be brought in as a matter of urgency because, as the Minister stated, it is important that cash is available. It remains a critical part of our economy in so many ways. There were issues with cash being withdrawn from various banks and so forth in rural and urban communities. That has thankfully stopped, but it is important there is a sound basis in legislation for it. The Minister stated he will be hoping to get Government approval for the Bill shortly and to bring it before the Oireachtas in the autumn. Will he outline the timeframe? It is crucially important there is a solid legislative foundation for cash within society.

Jack Chambers (Dublin West, Fianna Fail)
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I agree with the Deputy's points, particularly with regard to rural communities and the regions. That is why a specified percentage of the population must be no less than 5 km and no more than 10 km from an ATM. There must be a specified number of ATMs per 100,000 people and a specified percentage of the population must be within 10 km of a cash service point. These are locations where cash can be deposited and withdrawn and where there is in-person assistance available. Bank branches and post offices satisfy this definition. We are keen and will try to bring the Bill to Second Stage when we return in the autumn. With the co-operation of everyone in the House, we will try to advance it to Committee Stage and through the two Houses. It is important this Government enacts this important legislation. My predecessor as Minister, Deputy Michael McGrath, put significant work into this. We also had the pre-legislative scrutiny process and engagement with the European Commission, which had to be consulted on the framework of the Bill. All of that work has been concluded and, as I said, I expect to get Government approval in the coming weeks.