S.I. No. 289/2016 - Post Office Savings Bank (Interest on Deposits) Regulations 2016.

1. These Regulations may be cited as the Post Office Savings Bank (Interest on Deposits) Regulations 2016.

2. These Regulations shall come into operation on 5 June 2016.

3. The Post Office Savings Bank (Interest on Deposits) Regulations 2012 (

S.I. No. 533 of 2012

) are hereby revoked.

4. The rate of interest on a deposit within the meaning of

section 14

(1) of the

Finance Act, 1948

is hereby prescribed as 0.15 per cent per annum.

GIVEN under the Seal of the National Treasury Management Agency,

2 June 2016.

ANDREW O’FLANAGAN,

Authorised Officer.

FRANK O’CONNOR,

Authorised Officer.

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 a new rate of interest for deposits in the Post Office Savings Bank.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

7

th June

, 2016.

The National Treasury Management Agency, in exercise of the powers conferred on it by 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