\u201cThe public expect banks to provide cash services to them, but banks have been steadily reducing points of access for their customers to get cash, bank cash or get change, especially in rural areas,\u201d Woolford said. \u201cWe want this to change, and we are open as to how. This consultation proposes one way to make this happen.\u201d<\/p>\n
Big benefits claimed as small firms and communities rely on cash<\/p>\n
RBNZ estimates the proposal would deliver benefits of about $2.83 billion a year, at an additional annual cost to banks of around $104 million, calling this \u201cnegligible\u201d alongside more than $10 billion in combined pre\u2011tax profits.<\/p>\n
For mortgage advisers, the move is highly relevant for clients in smaller towns and rural districts, where around 40% of bank branches have closed over the past decade and access to everyday banking is increasingly fragile.<\/p>\n
Research cited by the central bank shows 72% of small businesses would be adversely affected if cash was unavailable as a means of payment, while over 80% of adults use cash at least sometimes and 8% rely on cash as their only way to pay.<\/p>\n
\u201cCash benefits society, as it is used for economic, social, and cultural reasons, and as the steward of cash we are focussed on ensuring the cash system is healthy and available,\u201d Woolford said.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cThe public expect banks to provide cash services to them, but banks have been steadily reducing points of…\n","protected":false},"author":2,"featured_media":316093,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[2667,72,12447,113,61,60,24100],"class_list":{"0":"post-316092","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-banks","9":"tag-business","10":"tag-cash","11":"tag-economy","12":"tag-ie","13":"tag-ireland","14":"tag-rbnz"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/316092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=316092"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/316092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/316093"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=316092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=316092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=316092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}