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Dáil Éireann debate -
Thursday, 23 Mar 1950

Vol. 119 No. 16

Committee on Finance. - Central Fund Bill, 1950—All Stages.

Leave granted to introduce a Bill entitled an Act to apply certain sums out of the Central Fund to the service of the years ending on the thirty-first day of March, one thousand, nine hundred and fifty and one thousand, nine hundred and fifty-one and to make certain provisions in relation to the American Grant Counterpart Special Account.—(Minister for Finance.)
Agreed that the further Stages be taken now.
Question proposed: "That the Bill be now read a Second Time."

Mr. de Valera

I am sorry we have no opportunity of asking for some explanation in regard to some of the matters referred to in the Bill. I think it would be well if we had some information in connection with the American grant.

It is exactly the same section as appeared in last year's Act in regard to the counterpart fund and the loan except that we had to get a new section this year in regard to the money that is given this year by way of grant.

Mr. de Valera

It is a special account?

We must keep it in a different account because there are certain obligations attached to it. We may have to pay out a certain percentage for the transport of goods, and the American Government may ask us to devote certain grants to certain purposes. We have to have these moneys in a different fund from the Loan Counterpart Fund.

Mr. de Valera

This money that you get by way of loan goes into the Central Bank? Does it all go to the same sort of account?

It more or less follows the same kind of account.

More or less? Does it or does it not?

One, the loan, will be called a fund and the other, the grant, will be called a special account.

Mr. de Valera

The money first of all goes into the Central Bank and then it is transferred to the Counterpart Account, under the control of the Minister for Finance. I want to distinguish between the two things. It first of all goes into the Central Bank and then it is transferred to the Counterpart Fund out of which the Minister can borrow. Have we got a parallel in the case of the grant?

Yes. There are certain conditions attached to the grant for which we have to make provision.

Question put and agreed to.
Bill passed through Committee, reported without amendment, received for final consideration and passed.

The Ceann Comhairle has certified this Bill for the purposes of Article 22 of the Constitution as a Money Bill.

The Dáil adjourned at 12.10 a.m. until Tuesday, 28th March, 1950 at 3 p.m.