asked the Minister for Finance if he will state from what source he raised the £4,204,067 15s. 5d. necessary to discharge the requests for redemption of the National Loans from those holders who did not avail of the conversion offer made on 8th June last.
Ceisteanna—Questions. Oral Answers. - Redemption of National Loans.
Of the stock totalling £20,662,400 outstanding at 15th July, 1951, in respect of the four National Loans called for redemption on that date, £16,326,396 was converted, leaving £4,336,004 to be redeemed. Redemptions were financed as follows:—
|
£ |
£ |
||
|
From Sinking Funds available |
2,205,926 |
||
|
From the Exchequer |
|||
|
Issued to date |
2,007,267 |
||
|
Due to issue by 31st March, 1952 |
122,811 |
2,130,078 |
|
|
£4,336,004 |
Is the difficulty due to the issue of the amount in respect of any requests that were lodged within the last week?
Mainly that.
May I ask further whether the £2,000,000 odd which has been paid or is to be paid out of the Exchequer has been put in credit by ways and means advances?
Certainly.
Therefore, it means that, by a diverse process, it was paid out of the Counterpart Fund?
It means that, having carried out a large conversion operation, and having still the problem of trying to restore public confidence in the public finances of this country, which was destroyed by our predecessors, we did find that money by ways and means advances.
Arising further, is the Minister aware that the one person who did most in respect of destroying public confidence was the Minister himself?
Question No. 18.
That is why the Tánaiste had to throw you over yesterday.