New ATMs to be conveniently placed within a 10km radius
The Finance Minister is poised to enact a significant law enhancing cash accessibility. This new legislation mandates that financial institutions must ensure an ATM is available within a 10km radius of most residences and businesses.
Key Developments in Access to Cash Legislation
In a pivotal move, Simon Harris, the recently appointed Minister for Finance, is expected to sign the order today. This order formalizes the requirements for ATM accessibility across the country.
Legislative Background
The ‘Access to Cash’ legislation was approved by the Oireachtas in May. Following its passage, the Central Bank undertook the task of assessing ATM availability nationwide.
Importance of the New Law
The forthcoming regulations are anticipated to benefit various communities, especially in rural areas where banking service closures have occurred. This initiative aims to ensure that cash remains readily accessible.
Impact on Communities
- Guarantees ATM accessibility within 10km of homes and businesses.
- Supports rural populations affected by banking branch closures.
- Aims to strengthen cash access across the State.
The implementation of this law reflects a commitment to maintaining financial inclusivity. It underscores the importance of cash in everyday transactions for citizens throughout the region.
