asked the Minister for Finance if he will state whether it is a fact that bearer bonds in American and Canadian companies belonging to Éire citizens and lodged by them in Irish banks are transferred to London when interest payments are made; and, if so, whether he will arrange to have such bearer bonds retained in this country, where interest payments can be made direct.
Ceisteanna—Questions. Oral Answers. - Interest Payments on Bearer Bonds.
So far as I am aware it is not the practice that bearer bonds in American and Canadian companies belonging to Irish citizens and lodged by them in Irish banks are transferred to London when interest payments are made. The second part of the question does not, therefore, arise.
I may add, for the fuller information of the Deputy, that Irish banks may, on their clients' instructions, arrange to have foreign securities held in London for convenience in collection of dividends and marketing, provided the securities remain under the effective control of the Irish bank. This arrangement does not contravene the regulations for the control of securities and, in view of our relationship with the sterling area, does not deprive this country of the benefit of the foreign exchange earnings derived from the securities.