Dáil Éireann Debate, Tuesday - 14 June 2022
902. Deputy Noel Grealish asked the Minister for Defence the amount of interest that his Department has been charged by financial institutions since negative interest rates were introduced by year; and if he will make a statement on the matter. [29204/22]
View answerMy Department operates a small number of bank accounts and, in accordance with public financial procedures, the amounts maintained in these accounts are kept to a minimum. Negative interest rates were first incurred by my Department in 2017, and the cost of negative interest charges incurred in respect of these accounts from 2017 to 2022 is outlined in the table below.
Negative interest charges for my Department have being falling since 2019 following the move to a centralised government banking service.
Department of Defence Negative Interest Payments 2017 to 2022:
|
Year |
Total |
|
2017 |
€5,219.52 |
|
2018 |
€8,504.14 |
|
2019 |
€176.52 |
|
2020 |
€148.73 |
|
2021 |
Nil |
|
2022 |
Nil |
