Oireachtas Joint and Select Committees
Thursday, 30 May 2019
Public Accounts Committee
2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2017
Chapter 22 - Irish Fiscal Advisory Council
9:00 am
Mr. Seamus McCarthy:
In the early part of the period when it was on deposit in the Central Bank, there was interest accruing but because interest rates over a period declined so significantly and went into negative territory, this became necessary. It is a decision of the Department to put it in a commercial bank where there is some interest, although very small interest.
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