Cost of transferring State accounts during the strike
Brennan asked whether transferring State accounts to the Bank of Ireland incurred costs or involved fee arrangements. Dukes said no separate fees or negotiations were arranged and that estimating net costs would require substantial official work; there may have been both costs and interest gains.
Was there any additional cost to the State in having the accounts of the State transferred to the Bank of Ireland? Surely, they did not provide this service for nothing?
Comment on this
We discussed this matter in relation to an earlier question. In the course of my reply I said I was not in a position to make any statement of what the cost to the Exchequer might have been. There could have been some costs and there could have been some benefits.
Comment on this
Were any arrangements entered into with the commercial banks for handling the additional business during the strike? Were any fees arranged?
Comment on this
The business was transferred from the Central Bank to a commercial bank. I see the point the Minister is making but surely we can ascertain how much this cost the State.
Comment on this
As I said in reply to an earlier question, it would require a great deal of official time to carry out an estimate and I am not in a position to give an estimate of that kind. As I said, there would have been certain costs involved because banks would make their normal charges but there would have been certain gains because accruals of interest might have arisen on the funds.