The Association Representing Solicitors in Galway City and County

GSBA Posts

12 February 2021

Negative Interest Rates

Dear Colleagues,

You may be aware of the intention of AIB and Bank of Ireland to introduce new charges, so-
called negative interest, on monies held in solicitor client accounts for the purposes of
probate, commercial and conveyancing transactions. Solicitors who bank with AIB or Bank
of Ireland have now been informed of this intent. The banks in question have wrongly
included solicitor client accounts in the general application of these new charges. As you
know, solicitor client accounts are transactional, not savings accounts.

As part of a strategy to make people aware of this extra charge on our clients, the Law Society have asked that solicitors write to their TDs voicing their concern on this matter. Please see below a draft letter from you to your local representative that you might send on.

Please also see a draft letter that you might consider asking your clients send to their TDs, as they will be directly affected by this measure.

Also attached, please see contact details for your TD.

Kind regards,

John Martin

 

2. Letter from Conveyancing Clients to TDs – 8 Feb 2021

3. Letter from Solicitor to TDs – 8 Feb 2021

4. Contact-Details-TDs