I am advised by a number of bodies under the aegis of my Department that they have been charged negative interest by financial institutions. Details provided by those bodies can be found below:
|
Body under the Aegis of the Department of Finance
|
Year
|
Negative Interest Charges incurred
|
|
Central Bank of Ireland
|
2021
|
€759,910
|
|
|
2020
|
€761,992
|
|
|
2019
|
€650,816
|
|
|
2018
|
€607,928
|
|
|
2017
|
€607,928
|
|
|
2016
|
€477,402
|
|
|
2015
|
€12,492
|
|
Financial Services and Pensions Ombudsman*
|
2021
|
€61,380
|
|
|
2020
|
€27,489
|
|
|
2019
|
€9,356
|
|
|
2018
|
€3,785
|
|
Home Building Finance Ireland
|
2021
|
€68,498
|
|
|
2020
|
€74,665
|
|
|
2019
|
€60,681
|
|
Investor Compensation Company DAC
|
2021
|
€230.28
|
|
|
2020
|
€4,354.16
|
|
|
2019
|
€2,515.36
|
|
|
2018
|
€3,402.98
|
|
|
2017
|
€6.113.48
|
|
Irish Bank Resolution Corporation
|
2021
|
€112,448
|
|
|
2020
|
€87,879
|
|
|
2019
|
€7,647
|
|
|
2018
|
€142,375
|
|
|
2017
|
€39,285
|
|
|
2016
|
€316
|
|
National Asset Management Agency
|
2021
|
€54,162
|
|
|
2020
|
€56,244
|
|
|
2019
|
€49,422
|
|
|
2018
|
-
|
|
|
2017
|
€2,976
|
|
National Treasury Management Agency
|
2021
|
€116,322
|
|
|
2020
|
€105,150
|
|
|
2019
|
€75,942
|
|
|
2018
|
€3,938
|
|
Office of the Revenue Commissioners**
|
2021
|
€1,836,977
|
|
|
2020
|
€1,406,840
|
|
|
2019
|
€1,023,758
|
|
|
2018
|
€548,442
|
|
|
2017
|
€205,641
|
|
|
2016
|
€17,060
|
|
|
2015
|
€63,459
|
|
|
2014
|
€17,971
|
|
Strategic Banking Corporation of Ireland
|
2021
|
€403,029
|
|
|
2020
|
€424,004
|
|
|
2019
|
€298,287
|
|
|
2018
|
€233,386
|
|
|
2017
|
€180,504
|
|
|
2016
|
€122,357
|
|
|
2015
|
€958
|
*With respect to the Financial Services and Pensions Ombudsman’s (FSPO) current and demand deposit accounts, the FSPO has taken all possible actions to reduce/avoid negative interest and is monitoring rates charged on an ongoing basis. For this reason, the FSPO issues levy invoices on a staggered basis throughout the year, in order to reduce moneys held on deposit at any one time and thereby reduce negative interest charged. The FSPO continues to monitor announcements by credit institutions regarding any changes to negative interest rates and consults with the Office of Government Procurement on its banking services framework to explore suitable alternative options, as appropriate.
For completeness, superannuation contributions pertaining to two Model Schemes operating in the FSPO are being held by the FSPO in a Pension Account, which is included in the sum above, pending a decision by the Department of Finance on the proposed funding arrangements of the FSPO’s Staff and FSPO’s Ombudsman and Deputy Ombudsman superannuation schemes. Superannuation contributions relating to the FSPO’s Model Pension Schemes are held on deposit, and therefore attract negative interest charges.
**I am advised by the Office of the Revenue Commissioners that the negative interest costs they incurred have risen significantly over the period due to two factors. Firstly, as the number of banks imposing these charges has increased it is no longer possible to minimise the charges by holding larger balances in banks that do not do so. Secondly, there was a particular increase in 2020 and 2021 due to Revenue of necessity holding significant amounts needed to fund Covid-19 related subsidy scheme payments.
