More people will have ' Access to Cash' once new law is signed into legislation today
A new law being signed into legislation today will see it a necessity to have an ATM located at least 10km from the majority of Irish homes and businesses
A new 'Access to Cash' law will be signed into law today meaning that an ATM will have to be located within 20km of most Irish homes and businesses.
Financial institutions will be responsible for ensuring that ATMs will be accessible for the majority of people in Ireland.
Minister for Finance, Simon Harris, will formally sign the law today, guaranteeing access to cash across the country.
The legislation was passed by the Oireachtas in May and then signed by former President, Michael D Higgins.
The Central Bank was required to gather information about ATM and cash services around Ireland, according to an article by RTÉ.
It's understood the new law will have quite an impact in rural Ireland, where many communities have seen the closure of banks and post offices in recent years.
This new piece of legislation is among the first to hit Simon Harris's desk as he has undertaken the new role of Finance Minister.
Tipperary TD, Mattie McGrath, has welcomed the 'Access to Cash' Law, saying "cash is king."
"This is very badly needed. We need extra cash," he told Newstalk.
He added that not everybody uses cards and smartphones to pay for things and therefore have to travel quite a distance to access cash.