AI Summary of 7. Local deficiencies
The Bank may determine, either on its own initiative or following notifications, if there exists a deficiency impacting access to cash infrastructure for individuals or SMEs in any part of a NUTS 3 region. This evaluation may identify either an existing or a likely deficiency, termed a 'local deficiency', irrespective of compliance with cash access criteria.
When making such determinations, the Bank shall assess notifications received and consider various factors, including the number of affected individuals, availability of ATMs and cash service points, geographic and demographic elements, the local deficiency’s impact on financial inclusion, and the potential costs of remedies. The Bank is required to publish the notification process and requisite information on its website.
7. Local deficiencies
(1) The Bank may, subject to subsection (3), on its own initiative or having assessed any notification made to it under subsection (2), make a determination that, in any part of a NUTS 3 region -
(a) there is a deficiency which limits access to cash infrastructure for individuals or SMEs, or
(b) there is reasonably likely to be a deficiency which limits access to cash infrastructure for individuals or SMEs,
whether or not the access to cash criteria for the NUTS 3 region concerned are complied with (in this Act referred to as a "local deficiency").
(2) A person may notify the Bank, in writing, where the person is of the opinion that, in any place specified in the notification-
(a) there is a deficiency which limits access to cash infrastructure for individuals or SMEs, or
(b) there is reasonably likely to be a deficiency which limits access to cash infrastructure for individuals or SMEs.
(3) For the purposes of making a determination under subsection (1), the Bank shall, in accordance with the guidelines -