asked the Minister for Finance whether he is aware that the total amount which any individual depositor may place on deposit in the Post Office Savings Bank is limited to £200; whether deposits in the Post Office Savings Bank bear interest at the rate of 2½ per cent.; and whether, in view of the fact that the State is paying more than 5 per cent. for money raised on loan, he is prepared to remove the limitations on deposits in the Post Office Savings Bank.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - POST OFFICE SAVINGS BANK DEPOSITS.
Mr. T.J. O'CONNELL (for Liam O Daimhín)
MINISTER for FINANCE (Mr. Blythe)
The limits on the amounts which might be received from any person by way of deposit in the Post Office Savings Bank in any one year or in the aggregate were removed by sub-section (1) of Section 1 of the Savings Banks Act, 1920. The removal took effect as from 1st March, 1922.
Power is conferred on the Minister for Finance by the same sub-section, as adapted, to limit by order the amounts that may be so received, but that power has not been exercised, and there is no intention of exercising it at present.
The rate of interest on deposits in the Post Office Savings Bank is as stated in the question.
Mr. O'CONNELL
Are we to assume from the Minister's reply that there is no limit to the amount now?
Mr. BLYTHE
Yes.