asked the Taoiseach if it is correct, as stated by the United States Minister to Ireland in a speech on April 21st, that the Government has decided to utilise the E.C.A. Counterpart Fund to finance a number of projects outlined by him; and, if so, when details of these projects and of the methods by which they are to be financed from the fund will be communicated to the Dáil.
Ceisteanna—Questions. Oral Answers. - E.C.A. Counterpart Fund.
As is indicated by the terms of Section 4 of the Central Fund Act, 1949, the moneys in the American Loan Counterpart Fund are available for investment in Irish Government securities, that is, for expenditure on projects regarded as proper to be financed from State borrowings. The long-term programme published by the Government last December referred to several projects of that kind, some of which were mentioned by the United States Minister to Ireland on the occasion in question. The Dáil will be duly informed according as decisions are reached affecting the utilisation of the counterpart fund as a means of obviating or supplementing internal borrowings for such projects. Where authority for (as distinct from the method of financing) expenditure on these projects does not already exist, it will, of course, be sought from the Oireachtas in accordance with the usual procedure for the appropriation of public funds.