{"id":1172,"date":"2022-04-11T17:26:00","date_gmt":"2022-04-11T15:26:00","guid":{"rendered":"https:\/\/www.betaalvereniging.nl\/en\/?p=1172"},"modified":"2026-08-06T20:48:30","modified_gmt":"2026-08-06T18:48:30","slug":"cash-covenant-available-accessible-cash-long-term","status":"publish","type":"post","link":"https:\/\/www.betaalvereniging.nl\/en\/news\/cash-covenant-available-accessible-cash-long-term\/","title":{"rendered":"Cash Covenant keeps cash available and within reach for the longer term"},"content":{"rendered":"\n

On 8 April 2022, the Minister of Finance submitted the Cash Covenant to the House of Representatives <\/path><\/svg><\/span><\/a>. Twenty-three organisations closely involved in Dutch payments signed it. The agreements are intended to ensure that cash continues to function effectively as a means of payment at the point of sale, even as electronic payments become increasingly common.<\/p>\n\n\n
\"Stacked<\/figure>\n\n\n

The Cash Covenant <\/path><\/svg><\/span><\/a> was signed by the major banks, the Dutch Payments Association, representatives of consumers, retailers, the hospitality sector and petrol stations, cash service providers and De Nederlandsche Bank (DNB). It applies for five years. Under DNB\u2019s coordination <\/path><\/svg><\/span><\/a>, the 23 signatories agreed arrangements to ensure that cash can continue to function effectively.<\/p>\n\n\n\n

Consumer use of cash is declining sharply, causing the cost per transaction to rise quickly. The agreements will keep cash readily available and within reach for everyone who needs it. Gijs Boudewijn, acting managing director of the Dutch Payments Association, said: \u201cIt is very important that DNB and the Ministry of Finance soon commission a study into how cash services should be funded in the longer term. That is unique in Europe.\u201d<\/p>\n\n\n\n

To make room for the study, the banks decided to freeze their business and retail fees for depositing and withdrawing cash for just over a year. Boudewijn said: \u201cIt is important to establish the extent of the ever-rising costs that our members face in meeting their gatekeeper obligations, including customer due diligence and anti-money laundering measures. Business banking customers in particular are raising concerns, and we need to consider how those costs can be kept manageable.\u201d<\/p>\n\n\n\n

October 2022 update<\/h2>\n\n\n\n

The following banks have declared, by means of a statement of conformity, that they comply with the obligations under Article 4 of the Cash Covenant:<\/p>\n\n\n\n