asked the Minister for Finance if he will give details of the steps which will be taken to provide further encouragement of internal savings referred to by the Taoiseach in the Dáil on 13th July 1965.
13.
Ceisteanna—Questions. Oral Answers. - Internal Savings.
12.
asked the Minister for Finance whether the rate of interest on Post Office Savings Accounts will be increased to provide encouragement of internal savings.
I propose, with your permission, a Leas-Cheann Comhairle, to take Questions Nos. 12 and 13 together.
The current Finance Bill, as recently amended, will double the former £25 income tax exemption for interest from savings bank and commercial bank deposits. I have already met the chairman and members of the Savings Committee and I am arranging for the setting-up of an interdepartmental committee to consider, in consultation with the Savings Committee, what further steps might usefully be taken to increase savings.
Will these steps include increasing the rate of interest of the Post Office Savings Bank?
No.
When will the Minister make the announcement about the steps?
I met the Savings Committee only a few days ago and the arrangements I have referred to have not yet commenced but I hope to have them commenced probably during this week or the coming week.
Would it not have been more normal to have included them in the Finance Bill when you introduced it?
I referred to the part of the steps taken that are included in the Finance Bill.
No step was included in the Finance Bill as introduced.
Not as introduced.
Only on second thought, on Committee Stage.
No; as the occasion seemed to warrant such action.
Completely forgotten.