Dáil Éireann Debate, Thursday - 19 April 2018
172. Deputy Michael Moynihan asked the Minister for Justice and Equality if the reduction in the rate of interest payable on judgment debts from 8% to 2% enacted by SI 624 of 2016 is applicable to judgments which were made prior to January 2017; and if he will make a statement on the matter. [17156/18]
Amharc ar fhreagraAs the Deputy is aware, S.I. No. 624 of 2016 Courts Act 1981 (Interest on Judgment Debts) Order 2016 reduced the rate of interest payable on judgment debts from 8% to 2% and this order came into operation on 1 January 2017.
The question raised by the Deputy is one as to the interpretation of the S.I. concerned and the Courts Service has informed me that the interpretation given in court offices is that the reduced interest rate introduced by S.I. No. 624 does not have retrospective effect. The interest rate in effect prior to the new rate will be applied to a judgment debt for any period during which it would have had effect.
