S.I. No. 162/1996:

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) (NO. 2) REGULATIONS, 1996.

POST OFFICE SAVINGS BANK (INTEREST ON DEPOSITS) (NO. 2) REGULATIONS, 1996.

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) (No. 2) Regulations, 1996.

2. These Regulations shall come into operation on the 1st day of June, 1996.

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 £5,000, the rate of interest shall be 0.50 per cent per annum; and

(b) where any such deposit is £5,000 or more, the rate of interest shall be 1.00 per cent per annum.

4. The Post Office Savings Bank (Interest on Deposits) Regulations, 1996 ( S.I. No. 58 of 1996 ) are hereby revoked.

GIVEN under the Seal of the National Treasury Management Agency

this 30th day of May, 1996.

MICHAEL J. SOMERS,

Chief Executive.