Oireachtas Joint and Select Committees

Thursday, 21 September 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Banking Sector in Ireland: Bank of Ireland

9:30 am

Mr. Liam McLoughlin:

The background to that has to do with quantitative easing and everything else that has been done by the European Central Bank. For all institutions and Government bodies that leave surplus funds with central banks, there is now a 40-basis point charge on deposits. Having been in an environment of negative interest rates for the past 12 months plus, that is perverse, but it is the world in which we live.

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