The Government should mandate banks and other ATM operators to ensure notes lower than €50 are available to customers, an Oireachtas committee has found.
A report by the Oireachtas finance committee, which has been examining the Coalition’s Access to Cash Bill, recommends that an obligation be inserted into the legislation to make denominations of cash lower than €50 available.
[ Central Bank calls for cash to be safeguarded in national payments planOpens in new window ]
The report highlights a submission made to the committee during its hearings by the Money Advice and Budgeting Service (Mabs) which stated that the amount of €20 is regularly unavailable for withdrawal.
This, the report states, has the effect of “forcing a minimum withdrawal of €50 and that the consumer may not have this amount in funds available to them, especially if they are low-income and/or in receipt of social welfare”.
Samsung Galaxy Ring review: Subtle health tracking that actually works
‘Writing a Christmas card list makes you think about who you value. It’s a very mindful exercise’
Ballroom Blitz review: Adam Clayton’s celebration of Irish showbands hints at the burden of being in U2
Our Little Secret: Awkward! Lindsay Lohan’s Christmas flick may as well be AI generated
The committee also recommended that access to public transport, as well as geographic factors and the demographics of the population in an area are given “special consideration” when an assessment is being made of any potential local deficiency.
The report also welcomes a provision in the legislation that allows the Minister for Finance to prohibit or cap the charging of access fees for the use of ATMs.
Committee chair John McGuinness said that access to cash must be accommodated for people who want to continue using it. “Whatever the future of banking is, the Government must insist that banks provide cash facilities and without customers being penalised,” he said.
[ Banks and ATM providers to face ‘big sting’ penalties under new cash access plansOpens in new window ]
The committee has also recommended that it be a prescribed requirement that ATM operators provide accessible machines which have a headphone socket and a text-to-speech functionality to assist those with visual impairment, and that a review be conducted on the accessibility of the existing network with a view to updating the stock if it is required.
- Join us for The Irish Times Inside Politics podcast live in Belfast on April 10th
- Sign up for push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
