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Dáil Éireann debate -
Thursday, 20 Jun 1929

Vol. 30 No. 12

Finance Bill, 1929—Money Resolution.

I move:—

"Go bhfuil sé oiriúnach a údarú go gcuirfar mar mhuirear ar an bPrímh-Chiste no ar a thora fáis aon tsuimeanna a híocfar le Ciste na gCairteacha Coigiltis (Cothromú Muirear Uis) fé aon Acht a rithfar sa tSiosón so chun diúitéthe áirithe de Chustuim agus Ioncum Dúithche maraon le Mál d'éileamh agus do ghearra, chun an dlí a bhaineann le Custuim agus Ioncum Dúithche maraon le Mál do leasú, agus chun tuille forálacha i dtaobh Airgid do dhéanamh.

"That it is expedient to authorise the Charge upon the Central Fund or the growing produce thereof of any sums paid to the Savings Certificates (Interest Charge Equalisation) Fund under any Act of the present Session to charge and impose certain duties of Customs and Inland Revenue, including Excise, to amend the law relating to Customs and Inland Revenue, including Excise, and to make further provisions in connection with Finance."

This Resolution is necessary before the clause in the Bill which provides for the funds to meet the interest accruing on Savings Certificates can be taken in Committee. I have already in the Budget statement explained the need and the reasons for the establishment of this fund. The amount of debt owing in respect of Savings Certificates is already considerable. It is a growing amount and it would not longer be possible to allow the interest to accumulate without at the same time accumulating a fund to meet it. It is intended for the future to have a sufficient amount put aside each year to meet any interest which is to accrue in that year and which has not been paid. It is also intended gradually to wipe out the accumulated sum which has not already been provided for by means of some extra provision in each year.

The Minister has said that a certain amount of interest had accumulated and was accumulating. What is the amount now?

It is difficult to get an exact figure because something in the nature of actuarial calculations would be required.

A close approximation?

About £400,000.

This is money that ought really to have been met out of previous budgeting. The Minister is now disclosing, and confessing in a very careful manner, £400,000 that he ought to have accumulated reserves for in the past, and that he has not accumulated reserves for. He is making a death-bed repentance, to the extent that he will in future, as long as he is allowed to remain, pay his current debts and try and slightly absolve his conscience, or leave it to his successors to absolve his conscience, of the £400,000 that he ought to have paid. If the Minister had frankly said that it would have been more respectful to the Dáil and more in keeping with the responsibilities of his position. It ought not to be necessary to extract information of that kind by cross-examination from a Minister for Finance. Other Ministers may perhaps be allowed some little latitude in these matters, but that this should have been kept from the country up to now, and should only be in this manner casually disclosed, suggests that when it comes to someone else's business to audit the actual conduct of financial affairs in the past by the Minister, we may find that his conscience is loaded with a great deal more than the £400,000 which he has now disclosed.

Resolution put and agreed to.
The Dáil went out of Committee.
Question—"That the Dáil agree with the Committee in the said Resolution"—put and agreed to.
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