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S.I. No. 119/1989 - Post Office Savings Bank (Interest on Deposits) Regulations, 1989.

S.I. No. 119 of 1989.

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) REGULATIONS, 1989.

I, ALBERT REYNOLDS, Minister for Finance, in exercise of the powers conferred on me by Section 9 (1) of the Finance (No. 2) Act, 1968 (No. 37 of 1968), hereby make the following Regulations:

1. These Regulations may be cited as the Post Office Savings Bank (Interest on Deposits) Regulations, 1989.

2. These Regulations shall come into operation on the 21st day of May, 1989.

3. 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 5.25 per cent. per annum.

4. The Post Office Savings Bank (Interest on Deposits) (No. 2) Regulations, 1988 ( S.I. No. 120 of 1988 ), are hereby revoked.

GIVEN under my Official Seal, this 18th day of May, 1989.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

These regulations prescribe as 5.25 per cent. per annum the rate of interest payable on deposits in the Post Office Savings Bank as from 21st May, 1989.