The Irish Times view on the Access to Cash Bill: keeping the ATMs open

The disruptions caused by Covid-19 accelerated a number of social changes which had already been under way. One of these was the shift away from cash. Contactless payments rose significantly, even for small transactions. Smartphone apps and digital payment services also grew in popularity.

Figures show that in 2019 just under ¤20 billion was withdrawn from ATMs across the State. The total for 2022 was about ¤13.5 billion, a decline of almost a third. The trend is welcome news for the State’s banks, for whom the handling, transportation and management of cash is a high-cost, low-yield activity. For years they have encouraged customers to shift to online and mobile banking, while closing branches across the State. An attempt by AIB to remove cash processing services from 70 branches in 2022 was only reversed following a public outcry. Research by The Irish Times last year showed that 176 bank branches had closed in the previous five years.

Despite the convenience of the cashless economy, not everyone is a winner. Older people and those on lower incomes tend to be more reliant on traditional money. Difficulties in accessing cash can exacerbate social isolation and marginalisation among those groups. Rural communities in particular are vulnerable to the depletion of social infrastructure due to branch closures .

ATMs are now an endangered species which the Government is proposing to protect. The Access to Cash Bill announced by Minister for Finance Michael McGrath would oblige banks to maintain access to cash dispensers at December 2022 levels. A minimum number of ATMs per 100,000 people will be set, with regard given to the travel distances involved. The legislation will also bring private ATM operators under Central Bank supervision.

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The legislation allows the Minister to set minimum requirements for provision of these services. Responsibility will rest primarily with the three banks and significant penalties are promised if they fail to comply. That seems a reasonable social tariff, given their market dominance.