Dáil Éireann Debate, Tuesday - 14 June 2022
374. Deputy Noel Grealish asked the Minister for Finance the amount of interest that his Department has been charged by financial institutions since negative interest rates were introduced by year; and if he will make a statement on the matter. [29202/22]
View answerThe Department of Finance manages all the transactions on the Central Fund, which is the ‘Government’s bank account’, ensuring the smooth operation of Government business. In 2021, the value of transactions processed by the Department was in excess of €100 billion. Negative interest charges, when applicable, are therefore paid by the Department despite these being related to Government cash flows. Furthermore, the vast majority of such charges are paid to the Central Bank of Ireland (CBI) and not to any private financial institution. Some 80 per cent of any surplus income made by the CBI is reverted back to the Exchequer. Over recent years and in performance of this core function of Government negative interest charges have been paid by the Department of Finance as set out below.
|
Year |
€ |
|
2022 |
€1,173,127.18 |
|
2021 |
€1,636,742.79 |
|
2020 |
€593,280.45 |
|
2019 |
€541,052.38 |
|
2018 |
€18,675.33 |
|
2017 |
€26.68 |
|
2016 |
€48.17 |
|
2015 |
€34.78 |
