asked the Minister for Finance why he is waiting until the 1st January 1967 for the payment of increased interest on post office savings bank accounts, having regard to the urgent need for an immediate increase in national savings.
Ceisteanna—Questions. Oral Answers. - P.O. Savings Bank Accounts.
10.
Legislation is required before the interest rate payable on deposits in the Post Office Savings Bank can be increased. It is intended to provide for the proposed increase in this year's Appropriation Bill which is unlikely to be enacted before December. In any event I have been informed that to introduce the increase before 1st January, 1967, the beginning of a new Post Office Savings Bank accounting year, would create considerable administrative difficulties involving the special modification of accounting machines used for calculating interest and the preparation of additional records to cover some 750,000 active accounts.