asked the Minister for Industry and Commerce if he will state the amount of the annual allocation which it is calculated Córas Iompair Eireann will require to make out of revenue for the purpose of the redemption of its substituted debenture stock on June 30th, 1960.
Ceisteanna — Questions. Oral Answers. - Redemption of Debenture Stock.
The annual amount which Córas Iompair Eireann would require to provide out of revenue for the redemption on the 30th June, 1960, of its substituted debenture stock amounting to £9,890,660 is £547,456.
In calculating this figure, it has been assumed that none of the stock would be redeemed before 1960, that equal half-yearly allocations to the sinking fund would be made for 15½ years, and that the effective rate of interest earned by the accumulating sinking fund would not be more than 2 per cent. after deducting income-tax.
In an answer given to a question asked by Deputy McGilligan on the 9th May last as to the amount necessary to redeem the debenture stock substituted for stock of the Great Southern Railways Company alone, a figure of £640,800 was given which, I regret, was not correct, due to a miscalculation.