Michael McGrath
Question:45. Deputy Michael McGrath asked the Minister for Finance his views on correspondence in respect of a person (details supplied) in County Cork; and if he will make a statement on the matter. [38600/14]
View answerThursday, 9 October 2014
Questions (45)
Written answers
In response to the issue raised, it should be clarified that State Savings is not a 'body', but rather is the brand name used to describe the savings products issued by me, as Minister for Finance, to personal savers through the National Treasury Management Agency (NTMA).
The Minister for Finance has never been subject to the regulation of the Central Bank. However, the NTMA, in issuing and administering these products on my behalf, makes every effort to keep customers fully informed of the relevant terms and conditions, as explained to this particular customer.
The NTMA has advised me that it does not accept this customer's contention that it "disguised, diminished and obscured key information". The particular product that was the subject of this correspondence is a variable interest rate deposit account. This fact was stated on the relevant brochure, on the basis of which the deposit holder made his investment decision. The NTMA (and its agents) regularly accepts feedback from the holders of State Savings products regarding the services provided, and in this case the NTMA adopted the customer's suggestion to include additional information in the relevant brochures and statements of account but this was in the context of reacting to customer feedback on ways to improve rather than accepting that there was an error in the original brochures.