asked the Minister for Finance if he will state whether any decision has been reached to authorise trustee savings banks to invest their funds in Irish securities, and, if so, whether it is the intention of the Government to introduce legislation for that purpose before the end of the present financial year.
Ceisteanna—Questions. Oral Answers. - Trustee Savings Banks Funds.
Following a recommendation of the Majority Report of the Banking Commission, provision was made in the Finance Act, 1940, whereby funds lodged with the trustee savings banks by their depositors are now paid over to the Minister for Finance and form part of the assets of the Post Office Savings Bank; they thus become available for investment in Irish securities. Fresh legislation is, accordingly, unnecessary.