Huge relief and welcome at AIB decision not to remove Cash Services

Deputy Michael Lowry has welcomed the decision by Allied Irish Bank not to remove cash services from 70 banks across the country, including those in Cashel, Roscrea, Carrick-on-Suir and Cahir.

In a statement issued today, AIB said that ‘recognising the customer and public unease that it has caused, it had decided not to proceed with the proposed changes’

There has been outrage across the country since the Bank made it plans known earlier this week.

AIB says that it made the original decision ‘to remove the cash services in the context of the evolving banking environment and the opportunity to enhance its long-standing relationship with And Post. In recent years there has been a dramatic increase in the use of digital banking services and a decline in branch visits and cash usage’

They also state today that ‘In AIB's case, there are 2.9 million daily digital interactions compared with 35,000 customer branch visits. There has been a 36% decline in cash withdrawals from ATMs and a 50% fall in cheque usage over the past five years."

The lender, which the State owns a majority of, said it will continue to retain its 170-strong branch network in its entirety and will also continue to offer banking services through its relationship with An Post.

The Central Bank said that regulated entities should ensure that the impact of its decisions is considered carefully and with a consumer-focused approach.

Deputy Michael Lowry says that this is a wise decision today by AIB. ‘Banks should provide a banking service to the public that meets their daily needs, that is their role. Removing vital services would create significant problems for businesses, the farming community, local people and visitors. It would also create serious security risks for those who require Night Safe facilities.

‘People living in rural Ireland require access to their Bank. The suggestion of moving towards a cashless society will not be a reality for the foreseeable future. People cannot be forced by Banks into making such a dramatic change to the way they do business’ he concluded.