Martin Browne (Tipperary, Sinn Fein)
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444. To ask the Minister for Finance if he plans to engage with Irish banks on passing on interest rate increases to savers; and if he will make a statement on the matter. [37828/23]

Richard Bruton (Dublin Bay North, Fine Gael)
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467. To ask the Minister for Finance if he has assessed the gap that has emerged between deposit rates given by banks and the lending rates charged; and if he has plans to ensure that depositors and lenders are fairly treated. [38584/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I propose to take Questions Nos. 444 and 467 together.

It has been widely discussed that the interest rate environment has changed significantly over the last 12-18 months and I am acutely conscious of the impact that rising interest rates are having on mortgage borrowers. That is why I recently met with the representatives of the banking and mortgage sector to discuss the measures they can take to assist their customers at this time of rising interest rates.

However, deposit interest rates are a means for banks to attract or maintain a stable source of funding. The determination of the rate of interest to offer to attract depositors is a commercial decision, which is the sole responsibility of the board and management of each bank.

Neither the Central Bank of Ireland nor I have a role in setting the interest rates offered by banks on monies held on deposit. Although the State is a shareholder in some of the banks operating in the jurisdiction, those entities must also be run on a commercial and independent basis.

In terms of the interest rates currently available on deposits, the Central Bank of Ireland retail interest rates release was published on 09 August 2023.

I am informed by the Central Bank of Ireland, that:

• Interest rates on household overnight deposits rose to 0.07 per cent in June 2023.
• Interest rates on new household deposits with agreed maturity rose to 2.12 per cent in June in Ireland, while the euro area equivalent was 2.70 per cent.