Ireland Takes Action to Guarantee ATM Service in Every Town and Village – Stringent Measures Against Non-Compliant Banks
DUBLIN: In a proactive move, the government is set to enforce stringent measures against banks failing to provide cash and ATM services in every town and village across the country. Finance Minister Michael McGrath has been granted approval by the Cabinet to legislate on this matter, with punitive actions, including financial penalties, outlined for non-compliance.
https://x.com/mmcgrathtd/status/1748814268617589117?s=20
Cabinet Approval for Comprehensive Legislation
The Cabinet has greenlit the Finance Minister’s bill, designed to mandate the presence of ATMs in towns and villages nationwide. The legislation also includes provisions for the regulation of all ATMs throughout the country.
Geographical Regions and Service Standards
Dividing the country into eight geographical regions, the government is committed to ensuring access to various financial services. Under this framework, the bill mandates the provision of ATM services within 10 km in regions with a population of 100,000. Banking institutions failing to meet this requirement may face reprimands or fines under the Central Bank Act.
Comprehensive Regulations for ATM Operators
The proposed bill addresses a range of aspects concerning ATM services, including service standards, working hours, withdrawal limits, denomination stocking, breakdown response times, maximum downtime, and communication. All ATM operators, including independent installers, will be subject to these regulations.
Control Over Access Fees
Empowering the Finance Minister, the bill allows for the imposition of caps on access fees charged by ATM operators. Unlike the current scenario in Ireland, where such fees are not regulated, the proposed legislation aims to bring about control in this aspect. Additionally, the bill mandates that one of the three major banks should establish new ATMs at local levels, further contributing to widespread accessibility.
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