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CENTRAL BANK OFFICIALS have said it’s clear that cash is still needed and wanted by people in society.
Appearing before the Oireachtas Finance Committee today, Central Bank Governor Gabriel Makhlouf said he will work with the Department of Finance on implementing plans to increase access to cash for the public.
In January Finance Minister Michael McGrath got Cabinet approval for the ‘Access to Cash Bill’ which aims to ensure there is no further decline in the number of ATMs in towns and villages around the country.
The plan aims to restore the number of ATMs to 2022 levels, before Ulster Bank and KBC left the banking market.
The Bill requires compliance with regional criteria that set the minimum numbers of ATMs per 100,000 people, and the proportion within 10km of an ATM and a cash service point (banks or post offices).
Where there are locations within a region where particular difficulties arise in accessing cash, the Central Bank will assess such cases and, where warranted, may require designated entities to address the issue, it is understood.
The governor said the Central Bank welcomes the draft legislation on maintaining access to cash.
“We believe is an important public policy intervention. It is clear that there is a societal demand and need for cash, and the Central Bank – along with the rest of the Eurosystem – remains committed to the provision of cash,” he said.
Inflation and rates
Speaking about inflation, the governor said he would “expect to see some change” in interest rates if inflation keeps falling.
He said he is “open minded” as to where ECB interest rates will end up.
Makhlouf said the Irish economy would continue to grow in the coming years “albeit at a slower pace”.
The Central Bank deputy governor Derville Rowland was involved in a heated exchange with Sinn Féin’s Pearse Doherty over the legal loophole which has emerged which means some mortgage holders who are with vulture funds not being able to make a complaint to the financial ombudsman.
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Definitely. Cash is king do use bout but prefer cash, should be able to use cash or card but have been to few event s last year and was card payments only which is not right and shouldn’t be allowed.
@martin finnegan: quicker payments, so no waiting for change etc. Gotta keep the flow going.
@Shane O Mac: what’s quicker than cash ?
@Eric Dignan: taping is, give her 50 cash have to go to the cash register count the change and give it back to you
Is that the Central bank that said the Irish banks were well capitalised before the were wiped out in crash and then Fianna Fail blamed it all on Sean Quinn to give cover and Fine Gael got us to pay all the developer debts and bondholder money back.
Hold onto your cash if we go cashless we are at the mercy of the banks . Remember when the tax payer bailed out the bankers
They think they are a law onto themselves and are unaccountable. The government need to bring in more legislation to tackle white collar crime.
@Vincent Hickey: where do you think the cash comes from ? The banks…
Cash is king
It’s important to have mixed methods
No cash No buskers No carbootsales No open air / farmer markets No charity buckets No tips for hospitality workers.Cards only they will just increase your personal bank charges unfortunately the youth of today can’t see this they don’t even use cards just tap their phone
If there was no cash, brown envelopes wouldnt have any function.
@bruce banner: could put in a pre loaded card into it, no?
Cash would certainly be required for brown envelopes and keeping the taxman’s nose out of certain dealings!
Well one of the problems some people have with cash is just all those grubby notes and coins and where they’ve been and what germs they might be harbouring. Certainly came to the fore during Covid this.
And while I’m fine with keeping cash in principle Tap and go is just more efficient when there’s a long line of customers. There will always be one who has to start counting change while everyone stares at them with murderous intent. I don’t want to be that person.
@Harry Whelks: there’s a special place in hell for those lidl shoppers who have to wait to be asked for money , find their purse , ask the total a second time , fish out a note then say hang on while fishing for coins ,wait for change , stand there another 20 seconds putting the change away , dear God just tap already !
@Seán O’Sullivan: god help you
have your say