National Treasury Management Agency

STATUTORY INSTRUMENTS

S.I. No. 584 of 2004

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) REGULATIONS, 2004

S.I. No. 584 of 2004

Post Office Savings Bank (Interest on Deposits) Regulations, 2004

The National Treasury Management Agency, in exercise of its powers under the National Treasury Management Agency Act, 1990 (No. 18 of 1990) and the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990 ( S.I. No. 277 of 1990 ), hereby makes the following Regulations:

1.       These Regulations may be cited as the Post Office Savings Bank (Interest on Deposits) Regulations, 2004.

2.       (1)    This Regulation shall be deemed to have had effect from the 1st day of January, 2002 to the 20th day of July, 2003.

(2)    Rates of interest on deposits within the meaning of section 14(1) of the Finance Act, 1948 are hereby prescribed as follows:

(a)      where any such deposit is less than €6,000, the rate of interest shall be 0.25 per cent per annum; and

(b)      where any such deposit is €6,000 or more, the rate of interest shall be 0.50 per cent per annum.

3.       (1)    This Regulation shall be deemed to have effect from the 21st day of July, 2003.

(2)    Rates of interest on deposits within the meaning of section 14(1) of the Finance Act, 1948 are hereby prescribed as follows:

(a)      where any such deposit is less than €6,000, the rate of interest shall be 0.10 per cent per annum; and

(b)      where any such deposit is €6,000 or more, the rate of interest shall be 0.25 per cent per annum.

4.       The Post Office Savings Bank (Interest on Deposits) Regulations, 1999 ( S.I. No. 446 of 1999 ) are hereby revoked with effect from 1 January, 2002.

Explanatory Note

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of these Regulations is to prescribe rates of interest for deposits in the Post Office Savings Bank.