Dáil Éireann díospóireacht -
Wednesday, 22 May 1991

Vol. 408 No. 8

Written Answers. - Interest Rates.

Eamon Gilmore

Ceist:

56 Mr. Gilmore asked the Minister for Finance if he will outline the dates since January, 1990 on which the Central Bank announced an increase or reduction in interest rates; the amounts of such change in the interest rate; the corresponding date on which the banks and building societies altered their interest rates; and the amount of such alteration.

Minister for Finance (Mr. A. Reynolds)

The Central Bank's short term facility (STF) interest rate has changed on six occasions since the beginning of 1990 by the amounts and on the dates set out in the following table. The 8 December 1989 Central Bank change is also included in this table as it was followed by bank and building society changes in early 1900.

Changes in Central Bank Interest Rates

Date	Short-Term Facility Interest Rate
	%
1989
8 December	12.00 (+1.00)
1990
1 June	11.50 (-0.50)
27 June	11.00 (-0.50)
19 October	10.50 (-0.50)
21 December	11.25 (+0.75)
1991
28 March	11.00 (-0.25)
9 April	10.75 (-0.25)

Following each Central Bank change, the associated banks and building societies changed their interest rates by the amounts and within the periods set out in the following tables.

Changes in Associated Bank Interest Rates

Effective dates for New Rates	New AAA Lending Rates	New Deposit Interest Rate (£5,000-£25,000 category)
	%	%
1990
4-10 January	11.75-14.50 (+1.00)	7.00-7.50 (+1.00)
5-4 June	11.25-14.00 (-0.50)	6.50-6.75 (-0.50/-0.75)
28 June-2 July	10.75-13.50 (-0.50)	6.00-6.25 (-0.50)
22-30 October	10.25-13.00 (-0.50)	5.50-5.75 (-0.50)
1991
4-8 January	11.00-13.75 (+0.75)	6.00-6.50 (+0.50/+0.75)
10-16 April	10.75-13.50 (-0.25/-0.50)	5.25-6.00 (-0.50/-0.75)

Changes in Building Society Interest Rates

Effective dates	New Mortgage		New Investment
for new rates	lending rates (annuity)	Dates	Share account rates
	%		%
1990		1990
16 February-12 March	12.25-12.95	12 March-17 April	8.25-9.75
	(+1.00/+1.10)		(+0.25/+1.00)
16 June-15 July	11.75-12.70 (-0.25/-0.50)	16 June-5 July	7.00-9.00 (-0.50/-1.25)
20 July-1 August	11.50-12.20 (-0.25/-0.50)	20 July-1 August	6.50-8.75 (-0.25/-0.75)
24 October-10 November	11.00-11.70 (-0.45/-0.50)	24 October-1 November	6.00-8.25 (-0.50/-0.75)
1991		1991
1-19 January	11.75-12.45 (+0.75)	15 February-1 March	6.00-8.85 (0.00/+0.75)
10-13 April	11.25-11-95	10 April-15 April	5.50-8.35
	(-0.50)		(-0.50)

The above tables include the AAA lending rates and the £5,000-£25,000 category deposit rates as representative of associated banks' rates and annuity mortgage rates and investment share account rates as representative of building societies' rates.