Skip to main content
Normal View

Dáil Éireann debate -
Tuesday, 22 Jun 1965

Vol. 216 No. 8

Ceisteanna—Questions. Oral Answers. - Disclosure of Bank Deposit Interest.

19.

asked the Minister for Finance the estimated extent to which the provisions of the Finance Act, 1963 as to disclosure of the source of deposit interest exceeding £15 contributed to a reduction in the growth of the bank deposits.

It is not possible to estimate the extent to which the provision referred to in the Deputy's question may have affected the growth of balances held on deposit account in the banks. I have no evidence of any reduction in the growth in the aggregate of credit balances on current and deposit account that could be attributed to the provision in question.

Is the Minister aware that in fact following the enactment of the Act in question there were certain withdrawals from the banks of money which people had on deposit? Surely the Minister, or his predecessor, made an estimate of the effect of this provision and should now be in a position to make a statement on the estimate which they made?

Before I became Minister for Finance, and at the time this provision was introduced, I made inquiries about such complaints and I was assured through official channels that there was no reduction in bank deposits. I am told there is still no reduction attributable to the provision in question.

It shows how reliable official channels are. The Minister must be aware of such withdrawals from the banks.

They might be withdrawn for other purposes.

Top
Share