Sharon Keogan warns cash access must be protected in outages
Sharon Keogan spoke in support of the Access to Cash Infrastructure Bill 2024, arguing it is essential to safeguard the economy, communities and national resilience. She said the bill is necessary to maintain cash access in the face of power outages, cyber attacks and an accelerating move toward a cashless society.
Recent outages and vulnerabilities
The speaker cited a massive power outage on April 28 in Spain and Portugal that left millions without electricity, caused electronic payment systems and ATMs to fail, and forced consumers to scramble for cash. She also referenced Storm Owen in Ireland, where citizens were left without power and essentials for weeks, as evidence of domestic vulnerability.
Concerns about a cashless society
Keogan warned that the shift toward a cashless society has accelerated, noting that 69% of businesses reported a decrease in cash usage over the past year. She argued that power outages, cyber attacks and technical failures can strand consumers and businesses, with small and medium-sized enterprises particularly at risk.
Provisions of the bill
She outlined that the bill aims to maintain cash access at December 2022 levels, ensuring 99% of the population is within 10 kilometres of a cash service point, and introduces penalties for banks and ATM providers that fail to meet those requirements. Keogan said these measures are intended to protect the elderly, those on fixed incomes and residents in rural areas.
Debate and consequences
Anticipating criticism, she acknowledged arguments that regulations could increase costs for banks and deter market entrants, but insisted the cost of inaction is greater. Keogan framed the bill as a necessary step to preserve financial inclusion and resilience "for when the lights go out," urging policymakers to prioritise citizens' access to cash over institutional convenience.
We publish thousands of recordings to make Irish politics transparent and resistant to manipulation. Spotted an error? Report it — together we are building a reliable archive of Irish politics.
I rise today in support of the provision of Access to Cash Infrastructure Bill 2024. This legislation is not nearly timely. It is essential for safeguarding our economy, our communities and our national resilience. Recent events have underscored the fragility of our digital infrastructure. On April 28, a massive power outage swept across Spain and Portugal, plunging millions into darkness. Electronic payment systems failed, ATMs went offline and businesses were unable to process card transactions. Consumers scrambled for cash to purchase basic necessities, highlighting the critical role of physical currency in times of crisis. Even here in Ireland, the recent consequences of Storm Owen, where many Irish citizens were left without electricity and other essentials for weeks, showed that we are vulnerable and that a similar situation could develop here at any time. These examples serve as a stark warning. Our over-reliance on digital payment systems leaves us vulnerable. It would of course be best if our government were better prepared to deal with disasters and ensure that we would be resilient in the face of cyber attacks and power outages. But since that is so evidently not the case, then it is important that we do the next best thing. In Ireland, the trend towards a cashless society has been accelerating, with 69% of businesses reporting a decrease in cash usage over the past year. While cashless transactions offer convenience, they are not infallible. Power outages, cyber attacks or technical failures can disrupt these systems, leaving consumers and businesses stranded. Small and medium-sized enterprises, the backbone of our economy, are particularly at risk. Many small businesses rely on cash transactions for daily operations. The Small Firms Association reported that over 80% of small businesses have experienced rising costs, with 35% stating they could not train beyond six months without additional funding. Ensuring access to cash is vital for their survival, especially during unforeseen disruptions. This bill aimed to maintain cash access at December 2022 levels, ensuring that 99% of the population is within 10 kilometres of a cash service point. It also introduces penalties for banks and ATM providers that fail to meet these requirements. These measures are necessary to guarantee that cash remains a viable option for all, particularly the elderly, those on fixed incomes and residents in rural areas. Critics may argue that these regulations impose additional costs on banks and deter new entrants into the Irish market. However, the cost of inaction is far greater. We must prioritise the financial inclusion and security of our citizens over the convenience of financial institutions. In conclusion, this bill is a necessary step to ensure the resilience of our economy and the well-being of our citizens. In brief, colleagues, for when the lights go out, we need to ensure that our citizens have a stash of cash to hand. We don't need to ensure that our citizens are currently facing. So we are taking over some of the conditions that are in-time business and we will not ensure the climate change, that we are öyle and we are going to ensure that our citizens will probably be able to ensure that the students have to be aware. We want to ensure that the Pensacola is shown as an escape team. So we have to ensure that our citizens have been okay. So we can ensure that the decisions can be sorted.
Thank you for downloading 🙏
If you publish this material on social media, we would be very grateful if you tagged VideoParliament. It helps us reach more people and keep building a transparent archive of Irish politics.
