Dáil Éireann Debate, Tuesday - 13 January 2026
852. Deputy Cathal Crowe asked the Tánaiste and Minister for Finance if he will address concerns and consider a proposal (details supplied), regarding State-backed saving products to preserve their real purchasing power over time; and if he will make a statement on the matter. [1466/26]
View answer854. Deputy Donna McGettigan asked the Tánaiste and Minister for Finance if State savings will introduce a new savings product that will at least match if not beat inflation as per the UK's equivalent NS&I Index-Linked Savings Certificates, noting that the return from the current Stave savings products do not match inflation (details supplied); and if he will make a statement on the matter. [1519/26]
View answer856. Deputy Cathal Crowe asked the Tánaiste and Minister for Finance if, noting annual inflation for the 12 months to December 2025, State Savings will introduce a new savings product that will at least match, if not surpass, inflation in a similar manner to the UK's equivalent NS&I Index Linked Savings Certificates; and if he will make a statement on the matter. [1617/26]
View answerI propose to take Questions Nos. 852, 854 and 856 together.
The NTMA, through Ireland State Savings products, already offers a wide range of tax-free savings products to the general public, including Prize Bonds and fixed rate savings bonds/certificates. Both short term and long-term fixed rate products are offered, with maturities from 3 to 10 years. Savings invested in this way are available to the Exchequer to fund Government expenditure and remain an important and dependable component of Government borrowing.
The NTMA keeps the suite of State Savings products, and the interest rates paid on them, under constant review to ensure that the products remain competitive and attractive to savers, while also remaining conscious of the cost to the taxpayer of paying interest on these products.
I note the reference to the UK NS&I Index-Linked Savings Certificates as an example of a particular savings product which tracks inflation. However, I understand that there is now new issuance of this product, and while it is possible to retain or roll over the certificates certain changes have been made to it which reduces its overall attractiveness.
It was never intended that State Savings products would match inflation – they remain a government guaranteed and simple way of saving, and State Savings products remain attractive when compared to similar savings products in the market. I would also say that in setting rates there needs to be a balance between the benefit to the investor and the cost to the State. A proposal to increase state savings rates along the lines suggested would have a significant cost for the borrowing costs of the State and I am informed that the NTMA do not intend to issue an Inflation linked product at this time.
