Interest Rates

Dáil Éireann Debate, Tuesday - 14 June 2022

Tuesday, 14 June 2022

Ceisteanna (170)

Noel Grealish

Ceist:

170. Deputy Noel Grealish asked the Tánaiste and Minister for Enterprise, Trade and Employment the State agencies, organisations or boards under the responsibility of his Department or that receive funding from his Department that have been charged negative interest by financial institutions since negative interest rates were introduced; the amount of interest that has been charged to each State agency, organisation or board in 2021 in each of the preceding years in which such charges were applied; and if he will make a statement on the matter. [29218/22]

Freagraí scríofa

Tánaiste and Minister for Enterprise, Trade and Employment

The link to the following Schedule sets out details of the negative interest rate charges incurred by the Offices and Agencies receiving funding from or operating under the aegis of the Department since the introduction of such charges by their respective financial services providers up until 30th April 2022.

Negative Interest Rates

I wish to assure the Deputy that my Department and our Agencies are fully aware of the importance of achieving value for money in relation to the goods and services that we purchase including in relation to banking services such as the cost of maintaining positive credit balances.

My Department meets regularly with our Agencies, including in relation to operational matters and I have requested that their attention be drawn to the importance of ensuring that where possible they take the necessary steps to mitigate against the potential for incurring negative interest charges where such charges are imposed by their financial services provider.