IN ONE OF his first acts as the new Minister for Finance, Simon Harris is to formally sign the “access for cash” legislation later.

It will then come into force later this week.

The Access to Cash bill requires that a majority of the population should be within 10km of an ATM and a cash service point, such as banks or post offices.

It will also set the minimum number of ATMs that ought to be available per 100,000 people

The Bill also contains measures to prohibit ATM withdrawal fees in some instances, and to set a maximum amount when a fee may be charged.

The legislation was passed by the Oireachtas in May and signed into law by then President Michael D Higgins.

Today Harris is expected to sign an order compelling financial institutions to ensure there is adequate ATM coverage.

Speaking on Newstalk Breakfast, Independent TD Mattie McGrath welcomed the move but voiced concern that it may have come “five or six years too late”.

“Many, many of the banks, especially the bigger banks, have removed themselves from even sizable towns” he said. 

“This is very badly needed, we need extra cash.

“There is a cohort of people who don’t have cards, who don’t have smartphones and who don’t have internet either.

“Cash is king, as far as I’m concerned. I do use the card but I also like to have cash,” said McGrath.

The Central Bank will be responsible for the monitoring and enforcement of the legislation.

After passing the legislation, the Central Bank was asked to compile information about ATM services and the Central Bank will also be responsible for reviewing notifications from the public where they believe there is insufficient access to cash services.

After the Bill was passed in May, then Finance Minister Paschal Donohoe remarked that “cash remains a preferred form of payment and continues to play an important role in our economy”.

He added that “any further evolution of the cash infrastructure will be managed in a fair, orderly, transparent and equitable manner for all stakeholders”.