asked the Minister for Finance if he will state (a) the date on which proceeds of dollars allocated to Ireland under Marshall Aid were first received by him and the date on which the American Loan Counterpart Fund was opened and the sum of money transferred thereto; (b) the amount of expenditure out of such funds up to 13th June, 1951; (c) the amount of such expenditure from 13th June, 1951, to 25th October, 1951; (d) the principal items towards which the expenditure from 13th June, 1951, to 25th October, 1951, was directed; (e) the purpose for which it is proposed to expend these funds in the future, and (f) the estimated date on which these funds will be exhausted.
Ceisteanna—Questions. Oral Answers. - Marshall Aid Funds.
The answers to the Deputy's queries are as follows:—
(a) The Minister's account with the Central Bank was established on 19th January, 1949, and the first lodgment (£720,050) of the proceeds of dollar borrowings from the United States Government was made thereto on 24th idem. The American Loan Counterpart Fund was established on 17th December, 1949, and an initial transfer of £500,000 was made to the fund from the Minister's account with the Central Bank on 21st idem.
(b) Of the proceeds of dollar borrowings from the United States Government £18.1 million had been expended at 13th June, 1951.
(c) Further expenditure in the period from 14th June to 25th October, 1951, amounted to £18.5 million.
(d) The £18.5 million referred to in (c) was invested in Ways and Means Advances to the Exchequer and was thus made available to finance Exchequer requirements in respect of capital and other expenditure, as shown in the Exchequer Statement published in Iris Oifigiúil of the 30th October, 1951.
(e) and (f) The balance of loan counterpart moneys will be similarly applied during the current month.
Mr. O'Higgins
Does the Minister's reply mean that the Minister has since 30th June, 1951, dissipated the American Loan Counterpart Fund for ordinary purposes?
If by dissipation the Deputy means paying for the folly of our predecessors, yes.
Mr. O'Higgins
Robbing the Counterpart Fund.
We have paid for our predecessors' folly.
Does that reply, in fact, mean that the Counterpart Fund has been used for the retirement of debt and not for the purpose for which the fund was created?
It does not mean anything of the sort. It means it has been used for exactly the same purpose as heretofore; there has been no deviation in that policy.