Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The NTMA made changes to several State savings products before Christmas. At short notice - in fact, overnight - the NTMA significantly reduced some of the interest rates being paid on many of the products offered by the NTMA through An Post. This will have a major impact for many savers. No doubt the NTMA will point out that they are still competitive and I believe the rates are still competitive. Anyway, how did the NTMA arrive at that decision? Was there any lobbying or consultation with the Department of Finance or the banks in advance of the NTMA decision to reduce the interest rate being paid on the portfolio of State savings products?