asked the Minister for Finance if he will state the rate of interest paid by the Bank of Ireland on surplus State funds held by it during each of the years 1939, 1940, 1941 and 1942.
Ceisteanna—Questions. Oral Answers. - Bank Interest on Surplus State Funds.
No interest is paid by the Bank of Ireland on Exchequer moneys held thereat otherwise than on deposit. In the case of Exchequer moneys placed on deposit, which are of large amount and subject to withdrawal without notice, the rate of interest paid by the bank during the years mentioned by the Deputy was the ordinary deposit rate as fixed by the Irish Banks Standing Committee from time to time and announced in the public Press. Apart from the rates of 2 per cent. and 1½ per cent. operative during brief periods in August-October, 1939, the ordinary deposit rate during the years in question was 1 per cent. per annum.