Simon Harris (Wicklow, Fine Gael)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Social Protection the amount of money held on deposit or in short term bank investments by each Government or State agency or body under her Department's remit; the rate of interest at which these deposits are held; and if she will make a statement on the matter. [6341/13]

Joan Burton (Dublin West, Labour)
Link to this: Individually | In context | Oireachtas source

The Department of Social Protection has two short term interest earning bank accounts which are used to hold PRSI receipts and voted state subvention, pending distribution and payment to customers. As at 31 December 2012, the balance held in the Social Insurance Fund (SIF) Investment Account with the Central Bank was €68,281,655. The balance in the other commercial Demand Interest Deposit Account was €4,083,206.

The interest rate applicable on the short term SIF Investment Account is the Euro Over Night Index Average (EONIA) rate and is currently 0.081%.

The interest rate applicable on the commercial Demand Interest Deposit Account is the European Central Bank (ECB) rate and is currently 0.75%.

The Pensions Board, operating under the aegis of the Department, has five interest earning accounts and as at 31 December 2012 the combined balance of the accounts was €6.8million. The rate of interest applicable varies depending on the sum invested, term and level of access to the funds that are applicable to the particular account. The rate of interest is in the range 4.8% for longer term investments to 0.75% in the case of instant access accounts, the applicable DIRT rate is payable on interest earned. The purpose of these accounts is to maintain and invest monthly surplus cash.