asked the Minister for Finance if he will state whether the Industrial Credit Company holds any investments outside the State; and, if so, the amount of such investments.
Ceisteanna—Questions. Oral Answers. - Industrial Credit Company Investments.
I can only refer the Deputy to the reply given to his question on 28th November, 1951, about holdings of statutory and State-sponsored corporations in British Government securities.
Am I to understand from the Minister's reply that we cannot get the information as to whether the credit corporation have money invested abroad? Is that the position?
If the Deputy reads the reply I gave on the date mentioned he will find the whole of his supplementary covered.
I am asking a straight question. Is it the position that members of this House cannot get information as to whether or not the credit corporation has money invested abroad?
If this House thought it worth while it could pass legislation imposing on the Minister for Finance or on any other Minister concerned the duty of getting this information, but as we discussed the matter here the last day, what does it matter whether any of these organisations have some money in a liquid or semi-liquid form? Somebody has to hold the external assets. Does the Deputy suggest that if a State organisation holds external assets they should be sold out to the commercial banks?
The Deputy has had experience of going to that particular organisation for funds to build houses. The reply we got was that they were getting 7 per cent. for money invested in Abyssinia. Is it any wonder that he should raise the question here as to whether or not the organisation has money invested outside the country when we could not get money at 4 per cent. to build houses?
The Deputy does not understand. If they had money invested it would not prevent them from advancing money. They have already advanced £12,000,000 since they were founded.
I am not asking the Minister that at all. I am just asking information.
The Deputy should learn something about the matter.
I know a good deal about it already.
The Minister should do a bit of learning.