asked the Minister for Finance if he will give in a tabular statement a return showing in respect of the departmental funds under his control such as the Savings Bank Fund, the Saving Certificates Fund, the Social Insurance Fund, etc., as at 31st March, 1955, (a) his total laibilities to the creditors of each fund and the assets available to meet them, (b) the division of the assets into their several categories of cash, home investment, and long-term and short-term foreign investments, and (c) the estimated cash value of the assets in the different funds.
Written Answers. - Finance: Statistics of Funds.
Following is the tabular statement:—
PARTICULARS AS AT 31ST MARCH, 1955, OF INVESTMENT FUNDS UNDER THE CONTROL OF THE MINISTER FOR FINANCE.
|
Assets |
Estimated Cash Valude of Assets |
|||||
|
Fund |
Cash |
Irish Securities |
Foreign Securities |
Notes |
||
|
Short-term |
Long-term |
|||||
|
£ million |
||||||
|
Savings Bank Fund |
0.099 |
54.583 |
1.000 |
26.097 |
77.091 |
The aggregate liability to depositors is assessed at 31st December in each year and is shown in the annual accounts presented to the Dáil in accordance with the Post Office Savings Banks Acts, 1861-1904. Accounts for the year ended 31st December, 1954, are in course of preparation. |
|
Social Insurance Fund Investment Account. |
0.023 |
10.028 |
— |
3.785 |
12.966 |
The operation of the Fund is governed by Section 39 of the Social Welfare Act, 1952. Accounts are laid before the Dáil in accordance with subsection (11) of that Section. |
|
Supplementary Unemployment Fund Investment Account. |
0.001 |
0.027 |
— |
— |
0.026 |
Accounts are presented annually to the Dáil in accordance with Section 45 (3) of the Insurance (Intermittent Unemployment) Act, 1942. |
|
Savings Certificates Reserve Fund:— |
||||||
|
(a) Interest Reserve |
0.001 |
0.480 |
— |
5.115 |
5.079 |
The relative statutory provisions are contained in Section 34 of the Finance Act, 1929, as amended by Section 17 of the Finance Act, 1943. See Account No. XXII of the Finance Accounts which are presented annually to the Dáil. |
|
(b) Principal Reserve |
0.076 |
0.220 |
— |
0.457 |
0.724 |
|
|
Woods and Forests Fund |
0.124 |
0.586 |
— |
— |
0.688 |
Provision is made in Section 34 and 36 of the State Property Act, 1954, for the transfer of these funds to the Savings Certificates Reserve Fund (Principal Reserve Account). |
|
Escheated Estates Fund |
0.115 |
— |
— |
0.002 |
0.117 |
|
|
Assets of former Teachers' Pension Fund. |
0.001 |
1.391 |
— |
— |
1.355 |
These are the assets of the former Teachers' Pension Fund which was wound up under the National School Teachers' Pension Fund (Winding-up) Order, 1934. Interest >and dividends are credited as Appropriations-in-Aid of the Vote for Primary Education. |
|
American Loan Counterpart Fund. |
0.352 |
41.130 |
— |
— |
41.400 |
Accounts are presented annually to the Dáil in accordance with Section 4 of the Central Fund Act, 1949. |
|
National Loans Sinking Funds |
1.019 |
— |
0.325 |
— |
1.336 |
These are moneys set aside under the terms of issue of national loans for the redemption of stock of such loans. See Account No. XXII of the Finance Accounts which are presented annually to the Dáil. |
|
Capital Services Redemption Account. |
0.032 |
— |
— |
— |
0.032 |
Application of the moneys in this account is governed by Section 22 of the Finance Act, 1950, under sub-section (9) of which section the accounts are presented annually to the Dáil. See also Account No. XXII of the Finance Accounts. |
|
Foreign Exchange Account |
3.273 |
— |
0.343 |
— |
3.616 |
The relative statutory provisions are contained in Section 49 of the Finance Act, 1941, as amended by Section 20 of the Finance Act, 1950. See Account No. XXV of the Finance Accounts. |
|
Church Temporalities Account |
0.014 |
2.186 |
— |
0.240 |
2.312 |
Accounts are presented annually to the Dáil in accordance with Section 37 of the Irish Church Act, 1869. Interest and dividends to the extent of £105,000 are credited annually as Appropriations-in-Aid of various Votes. |
|
Rents and Interest Surplus Account. |
0.023 |
0.500 |
— |
— |
0.500 |
Interest receipts are credited as Appropriations-in-Aid of the Vote for Lands. |
|
National Development Fund |
0.015 |
5.015 |
— |
— |
5.015 |
Provision for the presentation of annual accounts to the Dáil is contained in Section 8 (2) of the National Development Fund Act, 1954. |