Warning to 'hoard physical cash' as panic grows over 'money under the mattress'
A warning has been issued to UK households this week to "hoard physical cash" as concerns grow over economic instability and the potential for shortages to accessible money.
This comes just weeks after the Irish Government passed new landmark legislation to safeguard public access to cash services.
Under The Finance (Provision of Access to Cash Infrastructure) Bill 2024, Ireland will now guarantee:
Retail banks must maintain adequate cash access
The Central Bank of Ireland will monitor and enforce compliance, with powers to address local shortages
Cash-in-transit providers and ATM operators to be regulated to ensure high service standards.
The move follows recommendations from Ireland's 2022 Retail Banking Review and is aimed at protecting vulnerable groups, rural communities and small businesses that rely on cash.
While digital payments are increasing, cash remains a key part of Ireland's economy. Minister for Finance Paschal Donohoe said: "Cash remains a preferred form of payment and continues to play an important role in our economy. [This bill] will put in place a framework that will ensure sufficient and effective access to cash infrastructure is available in the State, and that any further evolution of the cash infrastructure will be managed in a fair, orderly, transparent and equitable manner for all stakeholders."
Meanwhile, across the Irish Sea, the Bank of England has seen a surge in demand for banknotes, as people turn to cash during times of uncertainty.
Bank of England's chief cashier Victoria Cleland said that households are seeking a safety net during this period of global volatility, noting that the Bank had seen a significant rise in the number of banknotes in circulation in recent months.
Victoria said: "At a time of uncertainty, at a time of crisis, people do move to cash. They want to make sure they have literally got something under the mattress. Even in the UK, there will be times where networks are down and you can only be paying in cash."
She added that consumers want cash "to be there but they're not necessarily using it".
Support for keeping cash strong is also echoed in Ireland. According to a 2022 study by the European Central Bank, 64% of Irish consumers said having the option to pay with cash is either very or fairly important - the joint highest figure recorded across the eurozone.
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