The IMIA has been actively following and engaging with central banks and policymakers on the euro cash legislative proposal as well as national cash infrastructure and access and/or acceptance conditions and policies over the past two years. Through our exchanges with policymakers as well as cooperative associations, we felt that an up-to-date overview would be useful for the community.
This overview highlights the differences in approaches, parameters used, and institutions involved, such as:
– Is the legislative initiative on cash access trying to increase the number of access points (Hungary), or legislate on still cash-user-friendly access to cash situation (Austria), or in effect allowing the number of cash access points to decrease by consolidation (Belgium)?
– Is access to cash legislation looking into improving deposit conditions (Belgium) and including specifically focus on depositing of coins (Netherlands, Sweden) and availability of small denominations (Lithuania)?
– In terms of acceptance does the legislation only cover transactions where both seller and customer are physical present, therefore excluding vending and parking machines (Norway), or is mandatory acceptance only foreseen for a restricted definition of ‘essential goods’ (Sweden)? What are the permitted exceptions – good faith or also security reasons (Netherlands, Slovakia)? Can non-acceptance be penalised (Spain)?
