I move that the Committee agrees with the Seanad in amendment No. 1:—
In page 11, Section 14 (6), lines 49 to 60, deleted and the following sub-section substituted:—
(6) Notwithstanding anything contained in this section, the corporation may invest moneys in its hands in any of the stocks, funds and securities which are for the time being authorised by law as investments for Post Office Savings Bank funds or in the purchase of or subscription for such securities as may from time to time be approved (either generally or particularly) by the Minister for the purposes of this sub-section.
This amendment has been inserted in the Bill to meet the views of Senators who urged during the Committee Stage discussion in that House that the corporation should be confined to trustee securities in the investment of surplus moneys in its hands. In reply, I pointed out that the position in regard to trustee securities was not altogether satisfactory, but I promised to consider the matter. This amendment, which was inserted on the Report Stage, limits the corporation in its investments to securities authorised by law as proper for the investment of moneys deposited in the Post Office Savings Bank and such other securities as the Minister for Finance may approve. Sub-section (6) in the form passed by Dáil Éireann, allowed the corporation to invest its surplus moneys in the purchase of any stocks, shares, bonds or debentures, quoted on the stock exchange in Dublin. Certain Senators considered this too wide and I altered the section to the form which is now in the Bill.