(Cavan) asked the Minister for Justice the rate of interest payable on judgments; the date on which such rate was fixed; and if he will take steps to revise the rate of interest and bring it up to a reasonable figure.
Ceisteanna—Questions. Oral Answers. - Interest on Judgment Debts.
The rate of interest on judgment debts in the Supreme Court, the High Court and the Circuit Court is 4 per cent per annum from the date of the pronouncement of the judgment. The rate is laid down in section 26 of the Debtors (Ireland) Act, 1840, and interest on judgment debts is also regulated by the Rules of the Superior Courts, 1962, the Circuit Court Rules, 1950, and section 47 of the Courts (Supplemental Provisions) Act, 1961 (which applied section 26 of the Debtors (Ireland) Act, 1840, to Circuit Court judgments). There is no provision, either by statute or rule of court, allowing interest on District Court decrees.
The interest rate on judgment debts was the subject of recommendations in the Tenth Interim Report of the Committee on Court Practice and Procedure which was presented to the House and circulated to all Deputies on 15th December, 1970. As I stated in reply to a question on 18th February, 1971, the recommendations of the committee are under examination and I am not yet in a position to make recommen-