S.I. No. 462/2023 - Post Office Savings Bank (Interest on Deposits) Regulations 2023

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 22nd September, 2023.

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:

1. These Regulations may be cited as the Post Office Savings Bank (Interest on Deposits) Regulations 2023.

2. These Regulations shall come into operation on 1 October 2023.

3. The Post Office Savings Bank (Interest on Deposits) Regulations 2021 ( S.I. No. 14 of 2021 ) are revoked with effect from the date specified in Regulation 2.

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 0.75 per cent per annum.

GIVEN under the Seal of the National Treasury Management Agency,

21 September, 2023.

FRANK O’CONNOR,

Chief Executive.

DAVE MCEVOY,

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.