FSU welcome publication of the Finance (Provision of Access to Cash Infrastructure) Bill 2024

The Financial Services Union (FSU) has welcomed  the publication today of the Finance (Provision of Access to Cash Infrastructure) Bill 2024. The bill aims to regulate access to cash and puts an onus on financial institutions to ensure that cash is readily available in communities across the Country.

Commenting after the publication of the Bill, John O Connell, General Secretary of the FSU said:

“Today’s announcement stems from the recommendation of the Retail Banking Review which was published by the Department of Finance in November 2022. The FSU were central to establishing the review and are pleased that action is now being taken to implement some of the 34-recommendations made by the review team.

The FSU have continually along with others  raised the  lack of regulation around access to cash. This has allowed financial institutions to withdraw services from local communities over the last decade. There are many towns in Ireland who have seen the closure of their last bank branch and the complete withdrawal of local banking services including depositing and accessing cash. 

The Bill imposes clear obligation on financial institutions to maintain a level of access to cash and for the first time regulates the ownership of ATM’s. We have seen the sell off of ATM’s by the main retail banks to private operators over the last number of years and it is good to see that the Central Bank will now have real oversight over the level of services these operators must deliver.

It is good to see that financial literacy will be taken into account when any review takes place in assessing if the level of access to cash is sufficient. This is an important issue and one that needs constant consideration.

The FSU will play a constructive role in ensuring the success of this Bill.”

ENDS