I move that leave be granted to introduce a Bill entitled an Act to extend the range of investments of moneys of the Post Office Savings Bank and to authorise the making of loans out of the Local Loans Fund to local authorities for certain purposes.
Finance (Miscellaneous Provisions) Bill, 1945—Leave to introduce.
Before we pass from the First Stage, may I say it has been suggested that the Minister, for a number of reasons, requires all stages of this Bill to-morrow. In these circumstances, I think it would be reasonable that the Minister should give the House some information now, on the First Stage, as to what the Bill proposes.
I propose to circulate the Bill immediately, if the First Reading is approved. However, I can tell the Deputy now that the Bill has two objects. The first object is to enable the Post Office Savings Bank Fund to be invested in the stocks of a local authority and the second object is to enable a local authority to be put in funds out of the Local Loans Fund, to enable it to exercise an option to redeem a stock after the first redemption date. As the law stands at the moment, the moneys of the Post Office Savings Bank Fund cannot be invested in the loans of a local authority, even though such loans have a trustee status. It is proposed to do away with the limitation there, but to keep as a limitation that such funds may be invested only in the trustee funds of a local authority. The other object is to advance moneys out of the Local Loans Fund for the purpose of enabling a local authority to redeem a loan falling in after the first redemption date.
May I ask the Minister whether the intention of the Bill has any bearing on the position of the Dublin Corporation at the present time? Some weeks ago, I made representation by motion that it was against the public interest that the Minister for Local Government and Public Health should permit the Dublin Corporation to borrow from the Bank of Ireland at a rate of 3¼ per cent. The Minister resisted the argument on that occasion.
That was not what the Deputy argued at all.
Will the Minister for Local Government and Public Health or the Minister for Finance be able to enlighten us, when dealing with this Bill on the Second Stage, to-morrow, as to the position of the Dublin Corporation and the attitude of the Government towards the Dublin Corporation's proposals regarding housing requirements?
In fact, the Deputy ran away from the terms of his original motion during that debate.
I wonder who is running away now.
Question put and agreed to.
Ordered that the Second Stage be taken to-morrow.