Access-to-cash rules to come into effect
The Central Bank has welcomed news that regulations on access to cash will come into effect later this week.
Tánaiste and Minister for Finance Simon Harris said yesterday (24 November) that he would sign two orders linked to the Finance (Provision of Access to Cash Infrastructure) Act 2025, which came into effect on 30 June.
The legislation is aimed at protecting the role of cash in the Irish financial system.
“In recent years, the Irish payments system has become increasingly digitalised, yet cash remains an important means of payment for many people in society, such as the older generation or those who are digitally excluded,” said the Tánaiste.
Distances from ATMs
Once signed, the Finance (Provision of Access to Cash Infrastructure) Act 2025 (section 5) Order 2025 and the Finance (Provision of Access to Cash Infrastructure) Act 2025 (section 10) Order 2025 will come into effect on 28 November.
Section 5 of the act requires the Minister for Finance, in consultation with the Central Bank, to prescribe the percentage of the population that must be within a specified distance of not less than 5km and not more than 10km of an ATM and cash-service point in each of the State’s eight regions.
The minister must also set the minimum number of ATMs per 100,000 people in each region.
In line with the act, the section 5 order prescribes access to cash criteria in line with December 2022 levels, taking account of the exits of Ulster Bank and KBC.
‘Designated entities’
Section 10 requires the minister, also, in consultation with the Central Bank, to prescribe thresholds for ‘designated entities’, credit institutions that hold a set percentage of both current accounts and household deposits in the Irish market for two consecutive quarters.
Designated entities – AIB, Bank of Ireland, and Permanent TSB under current data – will be responsible for maintaining the access-to-cash criteria.
The threshold for current accounts will be set at 6% of the total number of current accounts of credit institutions in the State, while the threshold for deposit accounts will be 7.5% of the total value of household deposits of credit institutions in the State.
Data
Central Bank Governor Gabriel Makhlouf described the regulations as “an important step” towards ensuring that consumers continued to have access to cash and in protecting the resilience of the cash system.
“They will also provide for the fair, orderly and transparent management of Ireland’s cash infrastructure as payment preferences continue to evolve,” he added.
The Central Bank is to gather data on a quarterly basis on the number, location, and hours of availability of ATMs and cash-service points.
The data will also be used to publish information on a quarterly basis on the Central Bank website, with the first publication expected early next year.
The Central Bank will monitor this data to assess compliance with the act and assess proposals by designated entities to remedy non-compliance.
ATM service standards
The regulator also said that it would start a consultation before the end of the year on proposed regulations for minimum ATM service standards.
This will outline proposed requirements for ATM operators – including the hours of ATM availability, cash withdrawal limits, and banknote denominations available from ATMs.
The Central Bank will also start a consultation before the end of the year on proposed guidelines outlining how individuals and businesses can notify it about a potential local deficiency in cash services.