EU Euro notes, fresh from a cash machine, Dublin, Eire, Ireland

Cash use has been declining in Ireland in recent years, in particular during the pandemic. Central Bank statistics indicate that Irish ATM withdrawals were €13 billion in 2021, compared to €19.7 billion in 2019, a decline of 34 per cent. The value of such withdrawals is now at about two-thirds of pre-pandemic levels, albeit they remain relatively stable at €1 billion per month. Central Bank raises concerns at sale of Republic’s ATM network Regulator says 75% of network will be under control of unregulated entities by end of year as banks sell up The Central Bank has raised concerns with the Government that three-quarters of Ireland’s ATM network will no longer be under the control of retail banks by the end of the year. The issue of the ATM network and the closure of bricks and mortar bank branches has been a political hot potato for the Government due to concerns around how older and more vulnerable cohorts of society might cope with such changes. The regulator has outlined concerns on the matter in a submission to the Department of Finance’s Retail Banking Review public consultation. It said retail banks are selling their off-site ATMs to “independent ATM deployers” which, it noted, are “unregulated”. Just 25 per cent of Ireland’s ATM network will be owned by retail banks by the end of the year compared to 100 per cent in 2015, it said. In-branch services are also reducing, it said, with the number of bank branches countrywide set to reduce by 32 per cent compared to 2019. “The trend towards the withdrawal of cash and other in-branch services is being driven by commercial decision making, ” it said. “We expect banks to ensure that the impact of their decisions are considered carefully and with a consumer-focused approach. The impact for all consumers, including those who are vulnerable, must be assessed by banks, to ensure changes to branches and in-branch services are undertaken in an orderly manner. We expect that vulnerable customers will be accomodated