Patrick Costello (Dublin South Central, Green Party)
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458. To ask the Minister for Finance if, in light of the ongoing refusal of Irish banks to pass on ECB interest rates to Irish customers, he will establish a State savings system (separate to the existing bonds) which matches the variable ECB interest rates. [38372/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The National Treasury Management Agency (NTMA), through State Savings products, already offers a wide range of tax free savings products to the general public, including variable rate savings accounts and fixed rate savings bonds and certificates.

I am happy to inform the Deputy that on Friday, 1 September last the NTMA announced increases in interest rates on State Savings fixed rate products and new variable interest rates for Deposit Accounts and the prize fund rate for Prize Bonds. The rates are effective from 1 October 2023 and the changes were published via the statesavings.ie website.