Dáil Éireann Debate, Tuesday - 6 July 2021
168. Deputy Noel Grealish asked the Minister for Finance the amount of interest his Department has been charged for savings or other funds on deposit in Irish banks since negative interest rates were introduced by year; and if he will make a statement on the matter. [35933/21]
Amharc ar fhreagraI can inform the Deputy that the amount of interest the Department of Finance has been charged for savings or other funds on deposit in Irish banks since negative interest rates were introduced is outlined below in tabular form.
|
Year |
PMG Supply Account |
Surplus Public Expenditure Monies Account |
European Commission Account |
Total |
|
2014 |
€6.91 |
- |
- |
€6.91 |
|
2015 |
€34.78 |
- |
- |
€34.78 |
|
2016 |
€48.17 |
- |
- |
€48.17 |
|
2017 |
€ 26.68 |
- |
- |
€26.68 |
|
2018 |
€89.30 |
€18,586.03 |
€1,010.26 |
€19,685.59 |
|
2019 |
€14,703.66 |
€541,052.38 |
- |
€555,756.04 |
|
2020 |
€15,281.54 |
€593,280.45 |
- |
€608,561.99 |
|
2021 |
€3,985.10 |
€ 618,883.06 |
- |
€622,868.16 |
Negative interest has been charged on Central Bank accounts since 2014. This arises from a 2014 European Central Bank Decision. The increase in negative interest charges since 2018 relates to the opening of the Surplus Public Expenditure Monies Account (SPEM) in September 2018. The SPEM was opened to hold surplus cash in the public expenditure system and replaced the Deposit Monies Investment Account (DMIA). Negative interest charges on the SPEM are a charge on the Finance Vote. Negative interest charges which accrued on the DMIA were paid by the NTMA. Therefore, the charges are not a new cost in General Government terms but a transfer from the NTMA to the Finance Vote.
