Written answers

Tuesday, 16 October 2012

Department of Education and Skills

Departmental Banking

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Education and Skills if he will provide, in tabular form if possible, a list of the bank accounts used by his Department and separately any agencies within the remit of his Department; the purpose of each bank account and the financial institution the bank account is with; the total amount of any interest charged or bank fees incurred by his Department and separately by each agency in 2011 and anticipated figure for 2012; the percentage of payments issued by his Department and each agency which are issued electronically and if the Department agency has any special arrangement in place on the issue of bank charges and fees; and if he will make a statement on the matter. [44847/12]

Photo of Ruairi QuinnRuairi Quinn (Dublin South East, Labour)
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My Department currently operates thirteen bank accounts with commercial banking organisations. These accounts are principally used to make payments by electronic funds transfer or to receive funds which are subsequently transferred to the Exchequer Supply Account held in the Central Bank. A detailed schedule listing the name and purpose of each of the accounts, as well as details relating to the percentages of payments which are issued electronically by my Department, is attached. In regard to the vast majority of the accounts that my Department operates, banking fees are not levied. In 2011 fees totalling €1,357 were incurred, while up to end September 2012, fees totalling €996 were incurred. No bank interest was paid by the Department in either 2011 or to 30 September 2012. Interest was also earned in respect of the National Training Fund and the Educational Endowments deposit bank accounts. Interest totalling €31,065 was earned in 2011 while €13,125 was earned to 30 September 2012. The bulk of the interest earned arose on the National Training Fund Account.

My Department also avails of a foreign payments service with Investec Bank for which fees are incorporated into the currency exchange rate supplied by this bank. The information requested by the Deputy with regard to agencies under my Department's aegis is not held centrally by my Department.

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