S.I. No. 624/2016 - Courts Act 1981 (Interest on Judgment Debts) Order 2016.

1. (1) This Order may be cited as the Courts Act 1981 (Interest on Judgment Debts) Order 2016.

(2) This Order shall come into operation on 1 January 2017.

2. In this Order, “1989 Order” means the Courts Act 1981 (Interest on Judgment Debts) Order 1989 (No. 12 of 1989).

3.

Section 26

(amended by the 1989 Order) of the

Debtors (Ireland) Act 1840

is amended by the substitution of “2” for “8”.

4. The 1989 Order is revoked.

GIVEN under my Official Seal,

19 December 2016.

FRANCES FITZGERALD,

Minister for Justice and Equality.

EXPLANATORY NOTE.

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

This Order reduces the rate of interest payable on judgment debts, under

section 26

of the

Debtors (Ireland) Act, 1840

, from 8% to 2%.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

27

th December

, 2016.

I, FRANCES FITZGERALD, Minister for Justice and Equality, in exercise of the powers conferred on me by

section 20

of the

Courts Act 1981

(No. 11 of 1981) (as adapted by the Justice and Law Reform (Alteration of Name of Department and Title of Minister) Order 2011 (

S.I. No. 138 of 2011

)), and being satisfied that the rate of interest per annum for the time being standing specified in

section 26

of the

Debtors (Ireland) Act 1840

ought, having regard to the level of rates of interest generally in the State, to be varied, hereby order as follows