asked the Minister for Finance if he will state as at the latest date for which the figures are available the amount of the total State investment for commercial, financial and industrial purposes by way of repayable advances to, and purchases of shares in, State enterprises; the gross amount received by way of interest and dividends on such investment during the latest year for which figures are available; the percentage return on the amount of investment (distinguishing the return provided by the Electricity Supply Board and the return on all other State investments); the average rate of interest on long-term debt now outstanding so as to enable comparison to be made with similar figures as to State investment in the past given in the Financial Statement of 3rd May, 1950; and the amount of all contingent liabilities incurred by the State in respect of guarantees to the latest available date.
Ceisteanna—Questions. Oral Answers. - State Investment.
On the 31st March, 1960, State investment of the nature referred to amounted to £98.5 million. In the year ended on that date the gross amount received by way of interest and dividends was £3.6 million, of which £2.9 million came from the E.S.B., representing a return of 3.9% overall and 4.5% for the E.S.B. on the amounts invested at the beginning of the year. The direct return to the Exchequer is not, however, a full measure of the earnings of the investments as profits earned by some concerns are retained and used towards the financing of their capital programmes. For example, Irish Shipping Ltd., and Irish Steel Holdings, Ltd., are precluded by their Articles of Association from paying a dividend.
The average rate of interest on long-term debt outstanding at 31st March, 1960, was 4.2% and the amount of guaranteed loans outstanding on that date was £48.4 million.