asked the Minister for Finance if he will state (a) the total amount due to depositors in (i) the Post Office Savings Bank, and (ii) the Trustee Savings Banks, in each of the years from 1947 to 1951 inclusive and (b) the percentage of the total savings in each of the years mentioned invested in British Government securities, and in Irish securities respectively.
Ceisteanna—Questions. Oral Answers. - Post Office and Trustee Savings Banks.
As the reply to this question contains a series of figures I propose with the permission of the Ceann Comhairle to include it in the Official Report.
Following is the statement:
The total amounts due to depositors in the Post Office Savings Bank and the Trustee Savings Banks at the end of each of the years 1947 to 1951 were:
|
Post Office Savings Bank |
Trustee Savings Banks |
|
|
£ million |
£ million |
|
|
1947 |
36.9 |
5.4 |
|
1948 |
39.0 |
5.7 |
|
1949 |
43.9 |
6.6 |
|
1950 |
48.1 |
7.3 |
|
1951 |
53.4 |
8.2 |
The percentage distribution of the total assets of the Post Office Savings Bank and the Trustee Savings Banks as between British and Irish investments in the years referred to was as follows:
|
British Investments |
Irish Investments |
|
|
% |
% |
|
|
1947 |
73 |
27 |
|
1948 |
75 |
25 |
|
1949 |
70 |
30 |
|
1950 |
61 |
39 |
|
1951 |
57 |
43 |
I wanted to ask a supplementary question to a previous question I asked but this one gives me an opportunity——
The Deputy must ask a supplementary to the question that has been asked.
Section (a) enables me to ask the question. In view of the fact that £2,000,000 was taken from the Post Office Savings Bank and put into this 5 per cent. loan will 5 per cent. be paid now to the people whose money was taken from the Savings Bank?
I think the Deputy had better apply his own intelligence and see if he can answer that question.
That is clearly a separate question.
In regard to the Minister's reply to my question, am I right in saying that of the £52,000,000 in the Post Office Savings Bank, at least £36,000,000 of that money is invested in British securities?
That surely is a separate question.
I am afraid that the Deputy could not possibly have secured that figure in reply to the question which he has asked.
I have it here from the figures given in the Post Office Savings Bank Report and I find that £36,600,000 of the £52,000,000 from people's savings is invested in British securities. There is £6,000,000 of it given for 2½ per cent in British securities and £13,000,000 at 3 per cent. in British securities or in war defence loans. Surely we should be concerned at the fact of investing money in British securities at these rates of interest by comparison with the 5 per cent. given for our National Loan.