Opinion of the European Central Bank of 27 June 2024 on access to cash (CON/2024/22)
Date: 2024-06-27
Institutions: European Central Bank
Subjects: legal basis

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 27 June 2024  

on access to cash 

(CON/2024/22) 

Introduction and legal basis 

On 30 May 2024 the European Central Bank (ECB) received a request from the Irish Minister for Finance 

(hereinafter the ‘Minister’) for an opinion on the Financial Services (Provisions of Access to Cash Services) 

Bill 2024 (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union and the first, second and third indents of Article 2(1) of Council Decision 

98/415/EC1, as the draft law relates to currency matters, means of payment and the Central Bank of Ireland 

(CBI).  In  accordance  with  the  first  sentence  of  Article 17.5  of  the  Rules  of  Procedure  of  the  European 

Central Bank, the Governing Council has adopted this opinion. 

1. 

Purpose of the draft law 

1.1  The main purpose of the draft law is to ensure continued sufficient and effective access to the cash 

infrastructure in Ireland. An additional purpose of the draft law is to bring automatic teller machine 

(ATM) operators, including ATM deployers, and cash-in-transit (CIT) companies within the regulatory 

perimeter of the CBI.  In the draft law, the term ‘cash infrastructure’ is defined as  ATMs and cash 

service  points2.  A  ‘cash  service  point’  is  defined  as  a  location  at  which  cash  services,  such  as 

lodgements, withdrawals and in-person assistance with regard to those services, are provided during 

normal business hours3. 

1.2  As noted in the consultation request, cash plays an important role for persons of all ages, particularly 

as a crucial budgeting tool for those on fixed and lower incomes, and it allows individuals to control 

their finances and to maintain their financial independence. In addition to ensuring individuals have 

sufficient and effective access to cash, another purpose of the draft law is to ensure that small and 

medium  enterprises  (SMEs)  have  sufficient  access  to  cash  service  points,  where  banknotes  and 

coins can be deposited and withdrawn, thereby ensuring that retailers will be able to accept cash. 

1.3  The draft law requires the Minister, in consultation with the CBI, to specify criteria to ensure sufficient 

and effective access to cash in respect of each NUTS 3 region in Ireland (hereinafter the ‘access to 

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3  

Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 
Section 2 of the draft law. 
Section 2 of the draft law. 

 
 
 
 
 
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cash criteria’). The NUTS  3 regions  are those regions which  have  been established for statistical 

purposes4. There are eight NUTS 3 regions in Ireland5. The Minister is required to specify the access 

to cash criteria with regard to the following: (i) the percentage of the population in a NUTS 3 region 

that should be within a specified radius of between 5 km and 10 km of an ATM and, separately, of a 

cash service point6; (ii) the minimum number of ATMs per 100 000 people in each NUTS 3 region; 

and (iii) the minimum number of ATMs available outside of normal business hours per 100 000 people 

in each NUTS 3 region7. In setting the access to cash criteria the Minister must take into account (a) 

the need to ensure the continued provision of sufficient and effective access to cash for individuals 

and  SMEs8,  and  (b)  in  the  case  of  the  first  ministerial  order,  the  level  of  access  to  the  cash 

infrastructure available to individuals and SMEs as at 31 December 2022, adjusting for the exit of 

two banks from the Irish market: Ulster Bank Ireland DAC and KBC Bank Ireland plc9.  

1.4  The Minister is required to consult the CBI prior to setting the access to cash criteria. With regard to 

the consultation of the CBI specifically concerning criterion (iii), the content of that consultation is set 

out  in  the  draft  law10.  In  addition,  the  CBI  is  obliged,  not  later  than  nine  months  following  certain 

specified events as set out in the draft law, to conduct a review of the access to cash criteria and to 

submit  a  report  to  the  Minister  of  its  findings,  conclusions  and  any  recommendations  for  the 

amendment of the access to cash criteria11. 

1.5  The access to cash criteria, which are set by the Minister in respect of each NUTS 3 region, must be 

fulfilled by designated entities under the draft law.  Designated entities are credit institutions which 

meet  certain  conditions  as  outlined  in  the  draft  law.  These  conditions  are  met  where,  for  two 

consecutive quarters, a credit institution holds (i) a percentage share of current accounts in Ireland 

of the total number of such accounts held  by credit  institutions in Ireland (hereinafter the  ‘current 

account prescribed share’), and (ii) a percentage share of household deposits in Ireland of the total 

value  of  such  deposits  held  by  credit  institutions  in  Ireland  (hereinafter  the  ‘household  deposit 

prescribed share’)12.  

1.6 

In this regard, the Minister is empowered to set the percentage of prescribed shares above which a 

credit institution13 becomes a designated entity, following consultation of the CBI. Both the current 

account prescribed share and the household deposit prescribed share must be set between 5 % and 

15 % respectively14. The CBI is responsible for notifying a credit institution that the credit institution 

is a designated entity for the purposes of the draft law where it fulfils the relevant criteria. Where two 

or more credit institutions form part of the same group of companies and each company does not 

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As set out in Annex I to Regulation (EC) No 1059/2003 of the European Parliament and of the Council of 26 May 2003 
on the establishment of a common classification of territorial units for statistics (NUTS) (OJ L 154 21.6.2003, p. 1). 
Border, West, Mid-West, South-East, South-West, Dublin, Mid-East, Midlands. 
As defined in section 2 of the draft law. 

Section 6(1) of the draft law. 
As defined in section 2 of the draft law. 
Section 6(1)(a) and 6(1)(b) of the draft law. 
Section 6(2) of the draft law. 
Section 6(3) to (7) of the draft law.  
Section 11(1), 11(2), 11(3), and 11(5) of the draft law.  
As defined in section 2 of the draft law. 
Section 11(5) of the draft law. 

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exceed either of the prescribed shares individually, their respective prescribed shares are considered 

in  aggregate.  Where  these  aggregate  amounts  exceed  the  prescribed  amounts  as  set  by  the 

Minister, the credit institution with the larger or largest percentage share of household deposits will 

be the designated entity15. As noted in the consultation request, it is expected that the three main 

retail  banks  operating  in  Ireland  will  initially  satisfy  these  criteria  and  therefore  be  responsible  for 

maintaining the access to cash criteria in each NUTS 3 region. 

1.7  The draft law brings ATM operators16, which include ATM deployers17, and CIT providers, within the 

regulatory perimeter of the CBI.  

1.8  First, under the draft law, ATM deployers and CIT providers must register with the CBI, which will 

then maintain separate registers of ATM deployers and CIT providers, which can be accessed by 

the public18. The CBI has the power to grant or refuse applications for registration, impose conditions 

on  CIT  providers  at  the  time  of  granting  an  application  for  registration,  amend  or  revoke  such 

registrations, or direct the holder of a registration not to carry out business other than as directed19. 

It is an offence under the draft law to carry out the business of an  ATM deployer or CIT provider 

without being registered, or to hold oneself out as such, and it is an offence to fail to comply with any 

condition of registration20.  

1.9  Second, the CBI may draft regulations prescribing requirements for ATM operators. It must consult 

the Minister on these regulations prior to adoption21. The requirements which the CBI may prescribe 

relate to (i) notification requirements related to  (a) changes in the ATM operators’ business which 

materially alter the scope of the service being provided, (b) change of ownership, (c) closure of any 

ATMs in circumstances beyond the ATM operator’s control, and (ii) the appropriate service standards 

that should be achieved22. It is an offence for an ATM operator to fail to comply with the prescribed 

requirements23.  With  regard  to  ATM  access  fees,  the  draft  law  empowers  the  Minister  to  draft 

regulations  concerning  ATM  access  fees,  on  ATMs  used  by  individuals  and  SMEs,  which  are 

charged by an ATM operator who is not the provider of the relevant account from which the cash is 

withdrawn24. The Minister may, in consultation with the CBI, make regulations which either prohibit 

the  charging  of  access  fees,  or  which  prescribe  the  maximum  access  fee  that  can  be  charged25. 

Normal bank charges are regulated separately26 and are not affected by such regulations.  

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Section 11(4). 

Section 2 of the draft law defines an ATM operator as (a) an ATM deployer, or (b) a payment service provider which 
owns and operates one or more than one ATM. 
Section 2 of the draft law defines an ATM deployer as a person who (a) provides cash withdrawal services from one 
or more than one ATM (i) operated by the person, or (ii) provided to other persons who stock the ATM  or ATMs so 
provided  with  banknotes;  (b)  does  not  hold  payment  accounts;  and  (c)  does  not  provide  certain  payment  services 
specified by the draft law.  
Sections 15 and 16 of the draft law.  

Sections 19, 20, 22, 25, 26, and 27 of the draft law. 
Sections 15(4) and 24 of the draft law. 
Section 32 of the draft law.  
Section 32(1) of the draft law. 
Section 33 of the draft law.  
Section 12(2) of the draft law. 
Section 12(1) and 12(2). 
Section 149 of the Consumer Credit Act 1995. 

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1.10  The draft law  lays down various obligations, responsibilities  and  powers on the  CBI.  On  foot of a 

request from the Minister, the CBI is required to collect and publish information relating to the cash 

infrastructure27.  The  CBI  may  make  a  determination  that  there  is,  or  is  reasonably  likely  to  be,  a 

deficiency in the access to cash infrastructure in a NUTS 3 region for individuals or SMEs, regardless 

of whether or not the access to cash criteria in that NUTS 3 region is fulfilled28. Individuals may also 

notify the CBI of local deficiencies29. Where such a determination is made by the CBI, the CBI must 

make a further determination as to the appropriate steps to be taken by the designated entities, which 

must be appropriate and proportionate, to remedy the local deficiency30.  

1.11  The  draft  law  provides  that  the  CBI  may  draft  regulations  prescribing  levies  to  be  paid  by  ATM 

operators and CIT providers and fees to be paid in the circumstances outlined in the draft law, in 

order for the costs associated with the CBI performing their tasks under the draft law to be financed31. 

The CBI is not required to use its own funds, apart from the fees and levies which it may collect under 

the draft law, to perform its tasks under the draft law32. The draft law also provides that, where such 

fees and levies are insufficient, the Minister must, at the CBI’s request, provide additional funds which 

the Minister believes to be proper to enable the CBI to perform its tasks under the draft law33. 

1.12 

In  order  to  ensure  compliance  with  access  to  cash  criteria,  the  draft  law  confers  powers  and 

responsibilities on the CBI related to monitoring, enforcement and prosecution. The CBI is charged 

with  monitoring  and  enforcing  the  fulfilment  of  the  access  to  cash  criteria.  Where  there  is  non-

compliance or where a determination with respect to a local deficiency has been made, the CBI must 

notify the designated entities of the details of the non-compliance or local deficiency. The designated 

entity must then rectify the non-compliance or local deficiency34. The CBI may also issue directions 

to designated entities identifying the steps to be taken to rectify the non-compliance or remedy the 

local deficiency. The draft law also provides scope for the use of administrative sanctions by the CBI 

where necessary35. The CBI also has the power to give a direction to an ATM operator or CIT provider 

to comply with conditions or requirements as specified in that direction where failures to comply with 

their obligations under the draft law, including in respect of registration requirements and regulations 

made by the CBI, may arise36. Where any such ATM operator or CIT provider fails to comply with a 

direction by the CBI issued under the specified sections of the draft law, the CBI is permitted to apply 

to the Irish High Court for an order to enforce the direction37. The CBI may appoint authorised officers 

for the purposes of monitoring compliance with the requirements under the draft law as they apply to 

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Section 7 of the draft law. 
Section 8(1) of the draft law. 
Section 8(2) of the draft law. 
Section 8(4) of the draft law. 
Sections 41 and 42 of the draft law. 
Section 3(2) of the draft law. 
Sections 3(3) of the draft law. 
Sections 10(3) and 10(5) of the draft law. 
Section 48 of the draft law, amending the Central Bank Act 1942. 
Section 35(1) of the draft law. 
Section 36 of the draft law.  

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ATM operators and CIT providers38. The CBI may also bring and prosecute summary proceedings 

for an offence committed under the draft law39. 

2. 

Observations  

2.1  The ECB understands that while electronic payments have experienced an increase in use in Ireland, 

which  was  accelerated  by  the  COVID  19  pandemic,  cash  still  plays  an  important  role  in  the  Irish 

economy. This was reflected in the November 2022 review of ‘Retail Banking in Ireland’ prepared by 

the Department of Finance40. Despite the digitalisation of the Union economy and the increasing use 

of electronic means of payment, cash continues to play an important role in society41. As pointed out 

in  the  consultation  request,  cash  plays  an  important  role  in  ensuring  financial  independence  and 

inclusion. It  is currently the only  payment  instrument that  allows citizens to settle a transaction in 

central bank money which is also settled instantly, while ensuring privacy42. Cash payments facilitate 

the  inclusion  of  the  entire  population  in  the  economy  by  allowing  it  to  settle  any  kind  of  financial 

transaction in this way, thus ensuring freedom of choice as to the method of payment for all citizens43. 

The ECB fully agrees that the ability to pay in cash remains particularly important for certain groups 

in society that, prefer to use cash rather than other means of payment, or who do not have access 

to  bank  services  and  electronic  means  of  payments.  These  groups  include  disabled  citizens, 

immigrants, socially vulnerable citizens, elderly people, minors and others with limited or no access 

to digital payment services44. 

2.2  While the ECB holds a positive view of further innovation and development in the field of electronic 

payment instruments, the  ECB also welcomes the core objectives of the draft law to facilitate the 

continued  use  of  cash  in  Irish  society  by  ensuring  sufficient  and  effective  access  to  cash.  The 

availability and accessibility of cash and its fallback function in case of disruptions  also contributes 

to trust in the financial system, which is important for the smooth functioning of monetary policy45. 

2.3  On 28 June 2023 the Commission published a proposal for a Regulation of the European Parliament 

and of the Council on the legal tender of euro banknotes and coins46, which includes an obligation 

for Member States to ensure sufficient and effective access to cash throughout their territory. The 

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Sections 37(2) and 38 of the draft law. 
Section 39 of the draft law. 
Section 7 of the Retail Banking Review - November 2022, available at https://www.gov.ie/en/publication/28cf9-retail-
banking-review-november-2022/  
See, for example, paragraphs 2.4 and 2.7 of Opinion CON/2019/46, paragraphs 2.1 and 2.2 of Opinion CON/2021/18, 
paragraph  4.7  of  Opinion  CON/2022/5,  paragraph  1.7  of  Opinion  CON/2023/31  and  paragraph  2.1  of  Opinion 
CON/2024/8 and paragraph 2.1 of Opinion CON/2024/19,. The ECB has stated its neutrality regarding different means 
of  payment,  which  means  that  it  does  not  favour  one  instrument  over  another.  See  paragraph  2.1  of  Opinion 
CON/2015/55. All ECB opinions are published on EUR-Lex. 

See  paragraph  2.1  of  Opinion  CON/2023/13,  paragraph  2.3  of  Opinion  CON/2023/25,  paragraph  2.1  of  Opinion 
CON/2023/39,  paragraph  2.2.1  of  Opinion  CON/2023/40,  paragraph  2.1  of  Opinion  CON/2024/1,  paragraph  2.1  of 
Opinion CON/2024/3, paragraph 2.1 of Opinion CON/2024/8 and paragraph 2.1 of Opinion CON/2024/19. 
See  paragraph  2.1  of  Opinion  CON/2024/8  and  generally  Opinions  CON/2017/8,  CON/2017/40,  CON/2019/4, 
CON/2019/41, CON/2024/3 and CON/2024/8. 
See  paragraph  2.1  of  Opinion  CON/2023/39,  paragraph  2.2.1  of  Opinion  CON/2023/40,  paragraph  2.1  of  Opinion 
CON/2024/1,  paragraph  2.1  of  Opinion  CON/2024/3,  paragraph  2.1  of  Opinion  CON/2024/8  and  paragraph  2.1  of 
Opinion CON/2024/19. 
See paragraph 2.2 of Opinion CON/2024/8 and paragraph 2.2 of Opinion CON/2024/19. 
COM(2023) 364 final. 

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ECB agrees with the consulting authority that the draft law aligns with the Commission proposal in 

this respect. The imposition in the draft law of the requirements on designated entities will contribute 

to ensuring that cash remains widely available and accessible in Ireland47.  

2.4  The ECB considers it important that all Member States take appropriate measures to ensure that 

credit  institutions  and  branches  operating  within  their  territories  provide  adequate  access  to  cash 

services, in order to facilitate the continued use of cash48. Sufficient and effective access to cash is 

necessary to preserve the effectiveness of the legal tender status of cash. If citizens do not have 

easy access to cash, they will not be able to use it as a means of payment49. The ECB understands 

from the draft law that the first order made by the Minister should preserve the cash infrastructure at 

approximately  its  31  December  2022  level50.  For  any  future  assessments  of  the  access  to  cash 

criteria  the  costs  of  implementation  of  obligations  for  credit  institutions  related  to  the  cash 

infrastructure would need to be adequately accounted for51. The ECB takes note that the draft law 

requires  the  CBI  to  take  into  account  the  operating  costs  related  to  cash  infrastructure  when 

compiling its periodic reports concerning its review of the access to cash criteria52. 

2.5  The ECB considers it important that the draft law also provides effective access to both ATMs and 

cash service points where cash withdrawals and lodgements can be made in addition to receiving in 

person assistance in relation to those services. The ECB also welcomes the more granular provisions 

of the draft law and the powers conferred on the Minister and the CBI to ensure that where ATMs 

and cash service points are provided, there are, inter alia, minimum service standards that must be 

adhered to. The ECB  notes that for cash to function  effectively as  a  means of  payment,  which  is 

essential  to  its  legal  tender  status,  access  to  various  cash  services,  including  cash  deposits  on 

payment accounts of credit institutions, should be ensured. Access to cash deposit facilities of credit 

institutions is a prerequisite for cash to circulate between the different actors in society, as also set 

out in the Commission’s impact assessment for the above proposal.  

2.6  The ECB welcomes that, in addition to ensuring the adequacy of access to cash through the fulfilment 

of the quantitative criteria set in the draft law, the draft law also introduces the possibility to remedy 

local  deficiencies  for  individuals  and  SMEs.  The  draft  law  facilitates  the  deployment  of  additional 

ATMs or cash service points in areas that are underserved with cash services and areas with specific 

conditions that would otherwise not be considered as falling within the quantitative criteria set out in 

the draft law. 

2.7  Moreover,  the  ECB  welcomes  that  the  Minister,  following  consultation  with  the  CBI,  may  draft 

regulations  to  prohibit  the  charging  of  access  fees  imposed  by  ATM  operators  which  are  not  the 

provider  of  the  relevant  account  from  which  the  cash  is  withdrawn,  or  to  prescribe  the  maximum 

47  
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51  

52  

See paragraph 2.6 of Opinion CON/2024/8.. 
See  paragraph  2.2  of  Opinion  CON/2020/21,  paragraph  3.3  of  Opinion  CON/2022/40,  paragraph  2.3  of  Opinion 
CON/2024/3, paragraph 2.3 of Opinion CON/2024/8 and paragraph 2.3 of Opinion CON/2024/19. 
See  paragraph  2.2  of  Opinion  CON/2023/25,  paragraph  1.2  of  Opinion  CON/2023/31,  paragraph  2.2  of  Opinion 
CON/2024/3 and paragraph 2.3 of Opinion CON/2024/19. See also Principle 6 of ELTEG III in the Final report of the 
Euro  Legal  Tender  Expert  Group  (ELTEG)  of  6  July  2022,  available  on  the  Commission’s  website  at 
www.ec.europa.eu.  
Section 6(1)(b) of the draft law. 
See paragraph 2.7 of Opinion CON/2023/25. 
Sections 6(3) and 6(4)(d) of the draft law. 

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access  fees  that  can  be  charged  by  these  ATM  operators.  Such  fees  can  hinder  citizens  from 

accessing  their  money,  and  SMEs,  for  instance,  from  withdrawing  coins  and  smaller  banknote 

denominations which are necessary to keep sufficient stocks of change. 

2.8  The ECB welcomes the monitoring, enforcement, and prosecution powers that may be exercised by 

the  CBI  under  the  draft  law  in  relation  to  designated  entities,  ATM  deployers  and  CIT  providers. 

These powers should facilitate the enforcement of the obligations under the draft law53.  

2.9  The ECB understands that it will be consulted on certain future regulations adopted under the draft 

law, in particular those related to the setting of the access to cash criteria set for ATMs and cash 

service points54 in each of the NUTS 3 regions. 

This opinion will be published on EUR-Lex.  

Done at Frankfurt am Main, 27 June 2024. 

[signed] 

The President of the ECB 

Christine LAGARDE 

53  

54  

See paragraph 2.4 of Opinion CON/2024/8 and paragraph 2.5 of Opinion CON/2024/19. 
See section 6(1) of the draft law. 

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