Written answers

Wednesday, 6 February 2013

Department of Education and Skills

Departmental Banking

Photo of Simon HarrisSimon Harris (Wicklow, Fine Gael)
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To ask the Minister for Education and Skills the amount of money held on deposit or in short term bank investments by each Government or State agency or body under his Department's remit; the rate of interest at which these deposits are held; and if he will make a statement on the matter. [6333/13]

Photo of Ruairi QuinnRuairi Quinn (Dublin South East, Labour)
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Details relating to banking and investments in respect of bodies/institutions under my Department's remit are a matter for each body/institution. However, if the Deputy has a specific interest in a particular Body/Institution I will have my officials follow up with the relevant organisation. The Office of the Paymaster General, which operates under the auspices of the Department of Finance, provides a banking service to all Government Departments/Offices.

My Department operates a number of commercial bank accounts which are principally used to facilitate the making of payments or the collection of receipts. In the case of payments, my Department instructs the Office of the Paymaster General to transfer specific funds to these commercial bank accounts to meet the value of electronic funds transfer payments, which are issued on a regular basis from the Department. In the case of receipts into the commercial bank accounts, these funds are transferred onwards at short intervals to the Exchequer account held in the Central Bank. While interest accrues on certain bank accounts operated by my Department the Department does not routinely hold money on deposit in commercial bank accounts nor does it hold money in short term bank investments.

My Department operates a single interest bearing account in the Central Bank, to bring to account cash contributions from the religious congregations towards the Residential Institutions Statutory Fund. The balance on that account at 31 January 2013 was €41.315 million. These sums are held pending the establishment of the Residential Institutions Statutory Fund Board and the transfer of these sums to the NTMA for deposit in the investment account to be established by the Agency pursuant to Section 29 of the Residential Institutions Statutory Fund Act, 2012. My Department has regard to the terms of the Public Financial Procedures relating to the issue of funds. Care is taken to avoid over-issue of funds, particularly at year end.

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