asked the Minister for Finance if he will state whether it is the intention of the Government to authorise trustee savings banks to invest their funds in Irish securities: and, if so, whether it is proposed to utilise the machinery of the Emergency Powers Act to give effect to this intention.
Ceisteanna—Questions. Oral Answers. - Investments of Trustee Savings Banks.
I would refer the Deputy to the reply given by my predecessor to the question addressed to him by Deputy Hickey on the 2nd May, 1939, concerning the Cork Trustee Savings Bank. As indicated in that reply, the position of the trustee savings banks generally in this country is being considered in conjunction with the recommendations made by the Commission of Inquiry into Banking, Currency and Credit. I do not think the machinery of the Emergency Powers Act, as suggested by the Deputy, would be suitable for giving effect to any changes that may be decided upon.
Has anything been done since the reply was given on the 2nd of May last—has anything been done in the mean time?
I would not say that nothing had been done since. The question of legislation implementing this and other recommendations of the Banking Commission are under active consideration.
That is, I presume, the recommendations in the Majority Report.