The Minister for Finance Michael McGrath (pictured) has told representatives of the financial-services sector that work is “well underway” on legislation covering the recommendations on cash made by a review of retail banking published late last year.

The review made recommendations on access to banking services, particularly the ability to withdraw and deposit cash.

The minister told Financial Services Ireland’s annual dinner last night (20 November) that a dedicated team was in place, and was currently developing legislation and preparing heads of a bill to be ready by the end of the year.

Cash-in-transit services

The review also called for legislation to require ATM operators to be authorised and supervised by the Central Bank, and to provide the regulator with responsibility and powers to protect the resilience of the cash system – including the authorisation and supervision of cash-in-transit firms.

“It is intended that one piece of legislation will be drafted for all recommendations on access to cash,” the minister stated.

He added that officials from the Department of Finance were also consulting the Central Bank on legislation to give the bank powers to supervise and authorise providers of credit to small and medium-sized enterprises.