Written answers
Wednesday, 6 February 2013
Department of Agriculture, Food and the Marine
Departmental Banking
Simon Harris (Wicklow, Fine Gael)
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To ask the Minister for Agriculture, Food and the Marine 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. [6328/13]
Simon Coveney (Cork South Central, Fine Gael)
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The following are details of the monies held in accounts by the non-commercial State bodies under the aegis of the Department. The statement reflects the position as returned to the Department of Finance in January 2013.
State Bodies | Deposit @ 31/12/12 | Rate of Interest on Deposit |
|---|---|---|
| Teagasc | €25.4m Interest Bearing A/Cs €1.4m Current A/C /Cash €26.8m Total | Range 0.20% - 4.56% 0% |
| Bord Bia | €3.5m Interest Bearing A/Cs €1.7m Current A/C €5.2m Total | Range 1.7% - 1.5% 0% |
| Marine Institute | €0.6m Interest Bearing A/C €0.8m Current A/C €1.4m Total | 0.05% 0% |
| Sea Fisheries Protection Authority | €0.5m Interest Bearing A/C €0.5m Current A/C €1.0m Total | 0.75% 0% |
| National Milk Agency | €1.0m Interest Bearing A/C €1.0m Total | 2.25% |
| Bord Iascaigh Mhara | €3.0m Interest Bearing A/C €3.0m Total | 0.75% |
| Aquaculture Licences Appeals Board | Nil | - |
The above amounts are reflective of the wide and varying range of activities of the bodies concerned. The funds will be used to meet a combination of working capital, accrued liability and, where relevant, capital needs and it is a matter for the management of each body to decide on what banking arrangements is best suited to their respective corporate needs. In the case of Teagasc, the funds on deposit relate primarily to external research funding (€15m) that was advanced to Teagasc by research funders under competitive Calls for Proposals in order to fund national and EU research projects in the agriculture and food sector. The remaining funding (€10.4m) is allocated to various capital projects to provide new research and education facilities at various locations throughout the country and to upgrade existing Teagasc buildings. The funding will be spent as costs are incurred.
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