State Bodies

Dáil Éireann Debate, Tuesday - 22 June 2021

Tuesday, 22 June 2021

Ceisteanna (504)

Noel Grealish

Ceist:

504. Deputy Noel Grealish asked the Minister for Justice the State agencies, organisations or boards under the responsibility of her Department or that receive funding from her Department that have been charged interest for savings on deposit in Irish banks since negative interest rates were introduced; the amount of interest that has been charged to each State agency, organisation or board; and if she will make a statement on the matter. [33317/21]

Freagraí scríofa

Minister for Justice

It has not been possible to collate the information requested by the Deputy in the time allowed. I will write to the Deputy to provide this information as soon as it is available.

The following deferred reply was received under Standing Order 51

I refer to Parliamentary Question No. 33317/21 to my Department, which was for answer on 22 June 2021, and in which you requested the state agencies, organisations or boards under the responsibility of my Department, or that receive funding from my Department, that have been charged interest for savings on deposit in Irish banks since negative interest rates were introduced; the amount of interest that has been charged to each state agency, organisation or board, and if she will make a statement on the matter.

I wish to advise the Deputy that five agencies, organisations or boards under the aegis of my Department have been charged interest for savings on deposit in Irish banks since negative interest rates were introduced. The details are outlined:

An Garda Síochána

The amount of interest charged on An Garda Síochána deposit accounts since negative interest rates were introduced is €23,893.14.

Legal Aid Board

In September 2018 the Legal Aid Board was notified that its bank would charge negative interest rates of -0.4% on all deposit and current accounts from Q3 2018. This rate was increased to -0.5% at the start of 2020. To date, the Legal Aid Board has been charged a total of €78,052 in negative interest on funds held in its bank accounts.

Property Services Regulatory Authority

The Property Services Regulatory Authority (PSRA) holds three accounts with financial institutions. Two of these accounts have attracted negative interest. One such account relates to the receipt of licence application fees, the other to compensation fund contributions. In respect of both accounts, a balance is required to ensure the PRSA can manage its day to day operations.

A total of €2,163 in negative interest has been applied in respect of both accounts since the introduction of negative interest rates. The PSRA has put new procedures in place to ensure the minimum amount of funds are held in each account, to eliminate or significantly reduce negative interest charges.

Courts Service

This relates to both the Courts Funds Office and income from Courts Service operational transactions. The Courts Service has paid negative interest charges since 2017, as follows:

Year	Negative Interest Charges (GL)
2017	61,247.65
2018	172,535.47
2019	156,526.83
2020	251,158.71
2021 to date	63,860.52
Total	705,329.18

Data Protection Commission

Since the establishment of Vote 44 on January 1, 2020, the Data Protection Commission has been charged a total of €133.40 in negative interest rates as follows:

Accounts	€
Admin Fines	2.90
EU Grants	129.54
Legal costs	0.96
Total	133.40