asked the Minister for Finance if he will state the total amount of moneys received to date from E.C.A. funds in the form of grants and loans, the enterprises for which these funds are earmarked and the total amount spent to date.
Ceisteanna—Questions. Oral Answers. - E.C.A. Funds.
Receipts from the United States E.C.A. amount to $128,541,150, of which $122,541,150 represent loan aid and $6,000,000 grant aid. The total amount deposited in the Central Bank as the counterpart of American aid is £40,817,504 consisting of £38,674,647 loan counterpart and £2,142,857 grant counterpart.
Loan counterpart moneys are being used to assist in financing the Government's capital programme. The amount so used up to the present is £15,000,000, of which £14,800,000 has been invested in ways and means advances to the Exchequer and £200,000 in 3 per cent. State guaranteed mortgage stock of the Agricultural Credit Corporation. The balance of the loan counterpart moneys will be drawn upon to supplement other means of financing State capital expenditure in the current and in future financial years.
Grant counterpart moneys have been drawn upon as to 5 per cent., namely, £107,143, for payment to the United States Government in respect of administrative expenses in Ireland in accordance with Article IV of the Economic Co-operation Agreement signed in June, 1948. Fifty thousand pounds of the balance has been hypothecated, with the approval of the United States Government, towards meeting the cost of technical assistance projects, the amount drawn to date being £10,333. I am not yet in a position to indicate the purposes for which the remaining grant counterpart moneys will be utilised; these must be agreed with the United States Government under Article IV (6) of the Economic Co-operation Agreement.