Written answers
Tuesday, 6 July 2021
Department of Enterprise, Trade and Employment
Departmental Data
Noel Grealish (Galway West, Independent)
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95. To ask the Minister for Enterprise, Trade and Employment the amount of interest his Department has been charged for savings or other funds on deposit in Irish banks since negative interest rates were introduced by year; and if he will make a statement on the matter. [35931/21]
Leo Varadkar (Dublin West, Fine Gael)
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The framework contract for banking services negotiated by the Office of Government Procurement specifically provides that all accounts linked to the Paymaster General cash pool are not subject to negative credit interest. Accordingly, as a client of the framework contract the Department’s own bank accounts are, therefore, not subject to negative credit interest. For operational reasons, a number of Offices of the Department are not part of the PMG cash pool. In this regard a total of €3,677 has been paid by the Offices concerned in respect of negative interest charges since their introduction by the banks. The breakdown by year of these charges is set out below:
2018 € nil
2019 € 1,186
2020€ 1,181
(up to June ) 2021 € 1,310
Total € 3,677
My Department is satisfied that as a client of the OGP framework contract for banking services provides, that it is achieving value for money on the cost of such services , including in relation to matters such as the cost of maintaining positive credit balances.
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