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Interest Rates

Dáil Éireann Debate, Tuesday - 14 June 2022

Tuesday, 14 June 2022

Ceisteanna (956, 957)

Noel Grealish

Ceist:

956. Deputy Noel Grealish asked the Minister for Education the amount of interest that her Department has been charged by financial institutions since negative interest rates were introduced by year; and if she will make a statement on the matter. [29198/22]

Amharc ar fhreagra

Noel Grealish

Ceist:

957. Deputy Noel Grealish asked the Minister for Education the State agencies, organisations or boards under the responsibility of her Department or that receive funding from her 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 she will make a statement on the matter. [29217/22]

Amharc ar fhreagra

Freagraí scríofa

I propose to take Questions Nos. 956 and 957 together.

The total cost to my Department of negative interest rates in outlined in the table below.

Negative interest charges were introduced on all commercial bank accounts from March 2017. Commercial bank accounts operated by my Department are funded on a just-in-time basis and every effort is made by my Department to keep the balance of monies at a minimum in those accounts so as to minimize the exposure to negative interest charges which may be applied to these accounts.

Negative Interest

2014

-

2015

-

2016

-

2017

47,523

2018

60,154

2019

49,096

2020

37,096

2021*

51,181

2022**

26,512

*Please note that the 2021 figures are currently being audited by the C&AG as part of the Appropriation Accounts 2021

**YTD un-audited figures

The information in respect of state bodies, within the scope of the Deputy’s question, is not held by my Department. The contact details for Department's state agencies are set out in the attached document should the Deputy wish to contact them directly with this query.

Contact E-Mail Addresses for State Bodies under the Remit of the Department of Education as at 29 th March 2022

Name of Body

Dedicated Email address for the Members of the Oireachtas

Designated Official Responsible for assisting Oireachtas Members

An Chomhairle um Oideachais Gaeltachta agus Gaelscolaíochta

oireachtas@cogg.ie

jacquelinenifhearghusa@cogg.ie

Educational Research Centre

oireachtas.queries@erc.ie

aidan.clerkin@erc.ie

National Centre for Guidance in Education

oireachtas@ncge.ie

Jennifer.mckenzie@ncge.ie

National Council for Curriculum and Assessment Note 1

oireactasqueries@ncca.ie

Aine.ArmstrongFarrell@ncca.ie

State Examinations Commission

Oireachtas@examinations.ie

Paddy.Quinn@examinations.ie

The Teaching Council

pqrep@teachingcouncil.ie

pfox@teachingcouncil.ie

National Council for Special Education

oireachtasqueries@ncse.ie

patrick.martin@ncse.ie and

cindyjane.oconnell@ncse.ie

Residential Institutions Statutory Fund – Caranua

Michael.Fitzpatrick@caranua.ie

Michael.Fitzpatrick@caranua.ie

Question No. 957 answered with Question No. 956.
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