I am advised by the National Treasury Management Agency (NTMA) that the details of negative interest charges published in their Annual Report 2020 relate to negative interest charges incurred in respect of accounts held at the Central Bank of Ireland for the purpose of the performance by the NTMA of certain of its statutory functions.
In respect of the National Debt, details of negative interest rate charges on cash balances held in the Central Bank of Ireland can be found on page 97 of the NTMA Annual Report 2020.
In respect of Post Office Savings Bank Deposits, details of negative interest rate charges on cash balances held in the Central Bank of Ireland can be found on page 138 of the NTMA Annual Report 2020.
Finally, in respect of Dormant Accounts, details of negative interest rate charges on cash balances held in the Central Bank of Ireland are published on page 160 of the NTMA Annual Report 2020.
The Ireland Strategic Investment Fund controlled and managed by the NTMA also discloses income interest in Note 4 on page 190 of the NTMA Annual Report, this would include interest charges by the Central Bank of Ireland. The NTMA does not hold account(s) with the Central Bank of Ireland in its own right.
I note the Deputy refers to PQ33313/21 which sought the amount of interest charged in respect of savings on deposit in Irish retail banks. The NTMA advised that it had incurred charges of €243,452 on its accounts with core Irish retail banks since 2018. These charges relate to operational accounts held by the NTMA with AIB, which are maintained to facilitate a high volume of payment activities undertaken by the NTMA.
