S.I. No. 14/2021 - Post Office Savings Bank (Interest on Deposits) Regulations 2021

1. These Regulations may be cited as the Post Office Savings Bank (Interest on Deposits) Regulations 2021.

2. These Regulations shall come into operation on 24 January 2021.

3. The Post Office Savings Bank (Interest on Deposits) Regulations 2016 (

S.I. No. 289 of 2016

) are hereby revoked.

4. The rate of interest on a deposit within the meaning of section 14(1) of the

Finance Act, 1948

(No. 12 of 1948) is hereby prescribed as 0.05 per cent per annum.

GIVEN under the Seal of the National Treasury Management Agency,

22 January, 2021.

CONOR O’KELLY,

Chief Executive.

FRANK O’CONNOR,

Director.

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

26

th January,

2021.

The National Treasury Management Agency, in exercise of the powers of the Minister for Finance under

section 9

(1) of the

Finance (No. 2) Act, 1968

(No. 37 of 1968), delegated to it by

section 5

(1) of 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