S.I. No. 350/1977:

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) REGULATIONS, 1977.

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) REGULATIONS, 1977.

I, GEORGE COLLEY, 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, 1977.

2. These Regulations shall come into operation on the 1st day of December, 1977.

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 five per cent per annum.

4. The Post Office Savings Bank (Interest on Deposits) (No. 2) Regulations, 1973 ( S.I. No. 239 of 1973 ), are hereby revoked.

GIVEN under my Official Seal, this 18th day of November, 1977.

GEORGE COLLEY,

Minister for Finance.

EXPLANATORY NOTE.

These regulations prescribe as five per cent per annum the rate of interest payable on deposits in the Post Office Savings Bank as from 1 December, 1977.