(Cavan) asked the Minister for Justice when the rate of interest on judgment debts was fixed at four per cent; if he is aware that this rate is very much out of date and inflicts hardship on certain categories of judgement creditors; and if he will take steps to have it revised.
Ceisteanna—Questions. Oral Answers. - Interest on Judgement Debts.
32.
The 4 per cent interest rate on judgment debts is set out in the Debtors (Ireland) Act, 1840, and Order 42 of the Rules of the Superior Courts of 1962. It applies only to periods subsequent to judgments, and is of limited application.
The question of revising the interest rate is not regarded as a matter of urgency requiring priority treatment and justifying the promotion of legislation for that purpose alone. When an opportunity occurs the question of revising the 4 per cent rate will be considered.