No fall in deposits to state savings schemes
• €660 million deposited in 2016 despite interest rates plummeting on most products
Inflows of cash into state-backed savings schemes continued unabated last year even as interest rates were slashed on most of the products.
Figures published by the National Treasury Management Agency (NTMA), which oversees the various state savings, shows almost €660 million was deposited in these funds in 2016.
The influx of cash meant State Savings, the overall brand for the NTMA’s products, has overtaken Permanent TSB to become the third-biggest deposit taking institution ...
