The ATM Mandate No One Saw Coming: Here’s Why It’s a Game-Changer for Your Money and Business.
Remember when you could just pop into your local bank, withdraw some cash, maybe grab a coffee, and feel like you were connected to the pulse of your community? Well, that straightforward convenience has been quietly under siege in Ireland, with major banks offloading their ATMs and nudging folks towards digital-only options. But here’s the kicker — what if those comfy withdrawals and the safety net of physical cash vanished for good? That’s exactly why Ireland rolled out its Access to Cash law late last year, trying to keep a lifeline for the vulnerable and everyday consumers while pushing back against the tide of branch closures and cashless ambitions. It’s a bold play that’s got unions cheering but has left some banking suits grumbling about costs and fairness — especially since digital banks seem to be skipping out on sharing the burden. So, what does this legislation really mean for Ireland’s cash users and its banks? And can it survive the relentless push towards a cashless future without leaving anyone behind? Hang tight — here’s the real story behind Ireland’s fight to keep cash accessible. LEARN MORE.
Ireland’s Access to Cash law came into effect late last year. While unions and consumer groups have welcomed the move, some sections of the banking industry aren’t so keen. Paul O’Donoghue explains what the legislation means
Several years ago, unions got spooked that Irish consumers could lose cheap access to their cash.
The country’s largest banks, AIB and Bank of Ireland, sold off hundreds of ATMs to private operators such as American cash management company Brink’s between 2018 and 2020.
Ulster Bank, which has since left the Irish market, was something of a trendsetter, offloading 400 ATMs to Euronet in 2018.
Brink’s at least promised that there would be no additional fees for people using debit and ATM cards issued in Ireland.
However, the move raised an uncomfortable scenario whereby thousands of customers could be reliant on the goodwill of multinationals.
“Branches were closing, ATMs were being sold off,” Brian McDowell, head of Communication and Public Affairs at the Financial Services Union, tells Business Plus.
“But people needed access to cash, particularly the vulnerable. There was outcry, particularly when bank branches moved to go cashless.”
Ireland’s Access to Cash law came into effect late last year. It mandates that major banks ensure an ATM and cash service point is located within 10km of the vast majority of homes and businesses. It also requires a minimum number of ATMs per 100,000 people in each region.
While the law has been widely well received, it has also ruffled some feathers. Banking & Payments Federation Ireland (BPFI), the lobby group representing the three main lenders, has called for digital banks and fintechs to share the responsibility of providing ATM services.
For their part, these companies appear to want nothing to do with it. Digital bank Revolut and others have actively lobbied against any such obligation.
So why did Ireland introduce an Access to Cash law in the first place? And what does it mean for banks and consumers?
Unions and advocacy groups started pushing for the measure around 2020. It had already been introduced in Nordic countries such as Sweden, which enacted a similar law in 2021.
During this time, Irish banks were pushing customers towards websites. Advocacy group Age Action said many older people were “digitally excluded” and did not have the “capability” for online-only banking.
However, the issue was still in the balance. This changed rapidly around 2021, once Ulster Bank and KBC announced within months of each other that they would leave the Irish market.
Ulster Bank had already sold off most of its ATM network, and KBC didn’t have much of one to begin with. Still, the departure of the two banks resulted in dozens of branch closures, with many of those also having ATMs.
This meant that, aside from private operators, there were now just three retail banks in Ireland providing ATM services — Bank of Ireland, AIB and PTSB. On top of that, it looked like these lenders were trying to cut down on physical cash use as much as possible.
In July 2022, AIB announced plans to turn 70 of its 170 branches into cashless outlets. This was swiftly dropped after a furious backlash. Unusually, even government ministers eagerly stepped in to criticise the move.
Junior finance minister Seán Fleming said the government had been “blindsided” by the decision, while Taoiseach Micheál Martin said that banks had “obligations in terms of the social contract”.
The government moved swiftly to codify that woolly sense of civic duty. Four months later the Department of Finance published its Retail Banking Review, which it had started after KBC and Ulster Bank announced their exits.
This predicted “increasing digitalisation and the further decline in the use of cash”, which it said would result in fewer ATMs and reduced branch networks.
To combat this, it recommended the Access to Cash law. The legislation aims to maintain the number of ATMs and cash service points at 2022 levels, accounting for KBC and Ulster Bank’s departures.
When trying to make its branches cashless, AIB cited several push factors. It said that in-branch over-the-counter transactions had dropped by 50 per cent in recent years, while mobile and online payments rose by 85 per cent.
While this may be true, the primary reason that banks want to cut down on physical cash is simple — it’s expensive.
It requires physical infrastructure like ATMs. There are handling and transport costs. Staff and branch costs. And so on.
Typically, the more customers use online banking, the more banks can lower their operating costs.
AIB made itself clear during an initial announcement before the u-turn, stating: “The cost of providing cash services has become increasingly unsustainable.”
This is a point which the BPFI has also raised. In 2024 it said that Access to Cash legislation would “lead to an increase in new and unquantifiable fixed costs for retail banks”.
It added: “In the current environment, where our banks are once again profitable this may be sustainable. But given the cyclical nature of the sector, such costs could pose challenges into the future.”
In a statement to Business Plus, the BPFI said that lenders are committed to ensuring there is “reasonable access to cash in line with their obligations”.
However, it also made sure to highlight that ATM use has fallen in recent years “as more people choose to manage their money digitally”.
The point around operating costs is where issues could crop up in the future.
A Central Bank review published in February found that the three main retail banks are “largely in line” with the new legislation, with just six minor instances where they need to provide more cash services.
The banks have not kicked up much of a fuss. Boosted by still relatively high interest rates, they are making plenty of money.
In 2025 Bank of Ireland recorded pre-tax profits of almost €1.9bn, PTSB made €128m and AIB recorded a profit after tax of €2.1bn.
The concern is what would happen if there was a downturn.
“The cost of providing this is being put just on traditional banks, not on neo [digital] banks,” Social Democrats deputy leader Cian O’Callaghan tells Business Plus.
“At the minute traditional banks are making big profits, so I don’t have an overriding concern around profitability.
“[But] we have new operators with low cost bases who are doing everything online, [and] can compete effectively with banks which have higher overheads.”
The concern is twofold. First, that the Access to Cash requirement will be a deterrent to new traditional retail banks entering Ireland.
The high street market now just has three players. But the hope would be to bring in more and create competition for services such as mortgage pricing.
Second, so far no digital banks face the responsibility of providing cash services. That includes Revolut, which claims to have over three million customers in Ireland.
However, the vast majority of these use its free ‘standard’ plan. The Access to Cash requirement only applies to banks which meet two thresholds — hold over 6 per cent of all current accounts in Ireland and more than 7.5 per cent of household deposits.
Revolut has not yet met these requirements, although it has said that it could do so soon.
On that basis the company lobbied the government to raise these two thresholds, warning that it could be discouraged from continuing to expand in Ireland if it has to provide cash services.
Revolut declined to comment when contacted by Business Plus.
Brian McDowell says he is sympathetic to the retail banks, who argue that their digital rivals have an unfair advantage by not shouldering any of the cash costs.
“It is a reasonable ask from the banks,” he says. “We will see the results [of the new law] over the next 12 months. Give it that and we can review how it’s working.”
Ultimately, the cost of providing cash will have to be paid by someone. While the high street banks are relatively sanguine now with profits rolling in, a downturn could change things very quickly.
Proponents of the rules say that for the sake of the elderly and vulnerable, access to cash must be maintained.
“Things are changing rapidly, but not everyone is going at the same speed,” Cian O’Callaghan says. “That needs to be respected and understood.”
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