Dáil Éireann Debate, Tuesday - 20 March 2018
122. Deputy Pearse Doherty asked the Minister for Public Expenditure and Reform the cost to his Department of negative interest rates on deposits held; the details of same for agencies under his aegis; and if he will make a statement on the matter. [11742/18]
View answerIn 2017, my Department was charged €143,604 in negative interest in respect of moneys for which it is accountable and are held in the following accounts at the Central Bank of Ireland:
- National Lottery Fund: €111,566
- State Property (Miscellaneous Deposits): €29,062
- Ireland /US Educational Fund: €2,976
Negative interest arises from the necessary application by the Central Bank of Ireland of the policies and decisions of the European Central Bank. The value arising from the payment of negative interest by banks or by the State accrues to the Central Bank and adds to its profits. Some 80% of the Central Bank’s annual surplus is paid to the Exchequer. In 2017, the payment amounted to €1.836 billion in respect of the 2016 surplus.
