New cash rules could increase cost of banking services, industry group warns
Brian Hayes, the BPFI chief executive, will tell an Oireachtas committee that the laws would create an ‘unlevel playing field’ in the sector
New rules around the availability of cash could lead to more expensive banking services for customers, according to the head of the Banking & Payments Federation (BPFI).
Brian Hayes, chief executive of the BPFI, is expected to tell a meeting of the Oireachtas finance committee today that the draft rules in the access to cash bill pose “a very real risk to the present and future competitiveness of the Irish retail banking sector”.
According to Hayes, who has previously voiced concern about the reforms, the sole legal responsibility for maintaining levels of access to both ATM and cash access points or counter services would rest with the three major retail banks under the proposed provisions – despite the fact that they only control one third of cash infrastructure.
