The government of Ireland is proposing a legislative framework to protect access to cash in the Irish Republic.
According to Finextra, in its retail banking review, the Department of Finance points to the pressure on cash services from the disappearance of bank branches and the move to digitalisation It suggests that Government policy should support the development and maintenance of a sustainable and resilient cash system for as long as cash is needed.
The Review Team believes a legislative framework should be put in place to manage any further decline in the cash infrastructure.
The report stated, “The objective of this framework must not be to reverse what has occurred or seek to maintain cash usage at its current level but rather to manage further decline in an orderly way. It is important future changes in the cash infrastructure do not outpace the expectations or needs of society.”
The report also recommends that such firms are brought within the regulatory perimeter of the Irish Central Bank.
The review additionally advocates for the development of a National Payments Strategy to set out a roadmap for the future evolution of the entire payments system.
The report underlined, “Work should start in early 2023, and the work should be completed in 2024. The strategy should take into account developments in digital payments, and guide how future changes should be made to access to cash criteria and other issues.”
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