Dáil Éireann Debate, Wednesday - 29 June 2011
79 Deputy Brendan Griffin asked the Minister for Finance if depositors with Post Office Savings Bonds have any particular reason to be concerned at this point; if he will reassuresuch depositors that their moneys are safe; and if he will make a statement on the matter.[17708/11]
Amharc ar fhreagraAll State Savings money is placed directly with the Irish Government. Repayment of all NTMA State Savings money, which includes principal, interest and bonus payments if due (or, in respect of Prize Bonds, cash prizes), is a direct, unconditional obligation of the Government of Ireland. State Savings is the brand name used by the National Treasury Management Agency (NTMA) to describe the range of savings products offered by the NTMA to personal savers. The suite of State Savings products includes savings certificates, savings bonds, prize bonds, national solidarity bond, instalment savings and deposit accounts such as the ordinary deposit account and the deposit account plus. An Post and the Prize Bond Company are agents of the NTMA for the operation of the State Savings schemes. However, neither An Post nor the Prize Bond Company retain or manage any State Savings money. All State Savings money is a part of the national debt which is under the management of the National Treasury Management Agency. Ireland has never contemplated the possibility of defaulting on its sovereign debt and this position has been restated on several occasions. The Government, without any question, will fully honour all its legal obligations to its creditors and has no intention whatsoever of allowing a default. NTMA State Savings products have been an important and dependable component of Government borrowing for many years and make a valuable contribution to the national finances.
