Rate cut hits state savings schemes

Inflows to the scheme dropped from €900m to €402m

European Central Bank Pic: Getty

Inflows to the state’s savings schemes have slowed dramatically after the government cut interest rates and payouts on its products.

There were net inflows of some €402 million last year into the various schemes operated by the state, which includes prize bonds and savings certificates and so-called solidarity bonds.

That was well down on the more than €900 million that was deposited with the state in 2014, according to figures produced by the ...