Dáil Éireann Debate, Tuesday - 20 March 2018
167. Deputy Pearse Doherty asked the Minister for Education and Skills the cost to his Department of negative interest rates on deposits held; the details of same for agencies under his aegis; and if he will make a statement on the matter. [11735/18]
Amharc ar fhreagraMy Department operates a number of commercial bank accounts and one investment account in respect of the National Training Fund which is held in the Central Bank. Negative interest rates apply in respect of each of these accounts. The total cost of negative interest rates on deposits held by my Department in 2017 was €70,966.
The Department makes every effort to minimise costs arising from the operation of negative interest rates. The Department funds its commercial bank accounts on a just-in-time basis and seeks to keep the balance of monies at a minimum in those accounts. In respect of the National Training Fund investment account, procedures have been put in place to invest surplus funds in NTMA Exchequer Notes.
My Department does not centrally hold information on negative interest rates on deposits held by bodies under the aegis of the Department.
