Legislation on access to cash in Ireland is signed into law

President Michael D Higgins has signed into law new legislation that is aimed at protecting the role of cash in Ireland.

The Finance (Provision of Access to Cash Infrastructure) Act 2024, also known as the Access to Cash Act, emerged from a recommendation made by the Retail Banking Review in 2022, which highlighted the role of cash in ensuring that people did not experience financial exclusion, and as a safety net in the event of electronic banking or the payments infrastructure being hit by outages or cyber-attacks.

The act places certain obligations on the three main retail banks, including having a specified number of ATMs and cashpoints available around the country. 

Certain businesses such as supermarkets, convenience stores and pharmacies have to accept cash from customers, but other businesses such as salons are not included in these rules. However, if such businesses do not accept cash, they must clearly state  they only accept other ways to pay. 

Previously, Minister for Finance Jack Chambers highlighted the importance of maintaining cash levels, both to consumers and small-to-medium enterprises (SMEs).

“Cash is important to consumers in all walks of life because it is a private, secure and instant form of payment,” he 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 SMEs.”

The Central Bank welcomed the new legislation, with governor Gabriel Makhlouf noting it was an important step in protecting the resilience of the cash system. “It will also provide for the fair, orderly and transparent management of the cash infrastructure as people’s payment preferences continue to evolve,” he added.