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Dáil Éireann díospóireacht -
Wednesday, 10 Feb 1993

Vol. 425 No. 7

Written Answers. - Post Office Savings Certificates.

Michael Noonan


116 Mr. Noonan (Limerick East) asked the Minister for Finance if he will ensure that the yield from post office savings certificates will be at least as good as that available in the new accounts provided by various financial institutions to which the 10 per cent deposit interest retention tax rate applies.

These savings schemes are not comparable. Savings Certificates provide a guaranteed tax-free return over a period of five years. While the new Special Savings Accounts to which the 10 per cent Deposit Interest Retention Tax (DIRT) applies can offer a guaranteed rate of return for a maximum of two years, most of the rates on offer at present are for much shorter periods. The returns available on Savings Certificates are kept under constant review.