asked the Minister for Finance if he is aware that during the past six months dollar coupons held in this country have been refused encashment by the Irish banks on the grounds that such coupons on being presented in America are impounded by the United States Treasury; whether, in fact, this statement is correct, and, if so, to what extent it refers to coupons held in this country by citizens who are holders of dollar securities; whether he will state if any representations have been made to the United States Government with reference to the matter, and if so, with what result; further, whether it is the intention of his Department to make temporary advances in proper cases to holders of dollar coupons who are unable for the time being to obtain cash for such coupons.
Ceisteanna—Questions. Oral Answers. - U.S. Dollar Coupons.
I understand that due to prevailing circumstances, Irish banks accept coupons which are payable in foreign currencies, or in foreign countries, only on the basis that the customer will be credited with the amount of the coupons when the bank has succeeded in collecting the proceeds abroad.
An amendment of the United States of America currency laws at the end of 1942 had the effect that United States dollar coupons sent for collection from certain places, including this country, are impounded in U.S.A. on arrival, and applications for the release and subsequent encashment of the coupons must be accompanied by evidence of ownership of the coupons and of the relevant bonds. The evidence of ownership normally required is an affidavit in triplicate made by the owner or by his agent on a very detailed form prescribed for that purpose by the United States authorities. Representations were made to the United States Government about the matter, and while no general modification of the law in favour of Irish residents could be secured, a simplified method of proving ownership in the case of such residents was devised and brought into effect. That arrangement, however, has not been found entirely satisfactory in practice by the United States authorities, for reasons which have not yet been conveyed to me, but further representations have been made and an early decision thereon by the United States authorities has been promised.
The matter is being kept under constant review and I will continue to make every effort to assist the interested persons in their attempts to secure encashment of their coupons, but I regret that I cannot agree to the making of advances as suggested by the Deputy.
Is it not true that, if a person has a current account with an Irish bank, no serious difficulty arises?
No, that is not so.
In point of fact, is it not true that one important bank is refusing to do so?
Yes, that is so.