Today a Bill has been published that seeks to ensure that sufficient access to cash is available within the State, in case of “cyber attacks” impacting on digital transactions, among other reasons.
Introduced by Finance Minister Jack Chambers, the Finance (Provision of Access to Cash Infrastructure) Bill 2024, seeks to acknowledge that “for many people, cash remains the preferred form of payment, and cash continues to play an important role in our economy.”
“Cash is important to consumers in all walks of life because it is a private, secure, and instant form of payment,” Chambers said.
“It is a budgeting tool for many, and it allows individuals to maintain their financial independence. It is also important for the day-to-day revenue and expenses of so many of our small-to-medium enterprises (SMEs).”
The Minister continued that it was “imperative” that cash remains “widely available and accessible”, in order to “protect the economy when technology is not a viable option”.
“That is why the Finance (Provision of Access to Cash Infrastructure) Bill 2024 aims to put in place a framework to ensure continued sufficient and effective access to cash in the State,” he added.
According to the Department of Finance Press Office, the Bill arises out of a recommendation made by the Retail Banking Review, published in November 2022. This highlighted a number of key issues, including “the need for a safety net in the event of electronic banking, or the payments infrastructure, being impacted by outages or cyber-attacks.”
The Bill places obligations on certain designated entities, including the three main retail banks, mandating that:
– a specified percentage of the population must be within no less than 5km and no more than 10km of an ATM;
– there is a specified number of ATMs per 100,000 people;
– a specified percentage of the population must be within no less than 5km and no more than 10km of a cash service point – either a bank branch or a post office.
And more.
The Bill would also allow the Finance Minister, following consultation with the Central Bank, to make regulations that prohibit or cap the maximum access fee that can be charged if access fees are introduced in the future, “because they become a barrier to cash access and decrease financial inclusion.”
“The drafting of this important legislation has been a priority, and the Minister for Finance gratefully acknowledges the efforts of the Office of Parliamentary Counsel to the Government in ensuring the timely publication of the Bill,” the Department of Finance Press Office statement concluded.