S.I. No. 6/1994:

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) REGULATIONS, 1994

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) REGULATIONS, 1994

The National Treasury Management Agency, in exercise of its powers under the National Treasury Management Agency Act, 1990 and the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990, hereby makes the following Regulations:

1. These Regulations may be cited as the Post Office Savings Bank (Interest on Deposits) Regulations, 1994.

2. These Regulations shall come into operation on the 19th day of January, 1994.

3. 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 £1,000, the rate of interest shall be 0.75 per cent per annum;

( b ) where any such deposit is £1,000 or more and less than £3,000, the rate of interest shall be 1.00 per cent per annum;

( c ) where any such deposit is £3,000 or more and less than £5,000, the rate of interest shall be 1.50 per cent per annum; and

( d ) where any such deposit is £5,000 or more, the rate of interst shall be 2.25 per cent per annum.

4. The Post Office Savings Bank (Interest on Deposits) (No. 4) Regulations, 1993 ( S.I. No. 308 of 1993 ), are hereby revoked.

GIVEN under the Seal of the National Treasury Management Agency,

this 18th day of January, 1994.

MICHAEL J. SOMERS,

Chief Executive.