Vol. 186 No. 6
asked the Taoiseach the value of the net external assets of the State at 31st December, 1956, 1957, 1958, 1959 and 1960, giving in each case a break-down of the amount of the external assets held by the Central Bank, the Associated Banks and Departmental Funds.
2.
asked the Taoiseach the value of the gross external assets of the State on 31st December, 1956, 1957, 1958, 1959 and 1960; and if he will give the break-down of these assets under the headings of the gross external assets held by the Central Bank, the Associated Banks and Departmental Funds.
3.
asked the Taoiseach the value of the gross external assets of the State, including external assets under the control of (a) the Minister for Finance (b) the Central Bank (c) the Associated Banks (d) the Courts of Justice (e) the Commissioners of Charitable Donations and Bequests and (f) the Public Trustee on the 31st day of March, 1956, 1957, 1958, 1959 and 1960.
I propose, with the permission of the Ceann Comhairle, to take Questions No. 1, No. 2 and No. 3 together, and to circulate in the Official Report a statement giving the information available.
There is not sufficient information available regarding external assets in private hands or the total liability of Irish residents and concerns to externs on which to base reliable estimates of their magnitude. It is not possible, therefore, in relation to gross or net "external assets of the State" to include data for the external assets and liabilities of Irish persons and concerns apart from the Banks, Government Funds and the other bodies mentioned by the Deputy.
In the case of Departmental Funds "gross" and "net" external assets are identical. In the case of the Central Bank the figures for external assets do not take into account certain liabilities representing working balances of international financial institutions. These balances are, however, relatively small and for practical purposes it can be taken that "gross" and "net" external assets are identical for this case.
In the case of the Associated Banks, figures for the gross external assets are published in the Quarterly Statistical Bulletin of the Central Bank, together with figures for the Banks' liabilities outside the State. The net external assets of the Associated Banks are obtained by deducting their liabilities outside the State from the figures for gross external assets. It is not correct, however, to refer to the total gross external assets of the Associated Banks as part of the "external assets of the State" since some of these banks are incorporated outside the State. In the case of banks incorporated outside the State, it is the excess of their liabilities in the State over their assets in the State (which is equivalent in value to their net external assets) which is part of the "external assets of the State." In amalgamating the figures for the Central Bank, Associated Banks and Government Funds, the net figures is used for the external assets of the Associated Banks.
Following is the statement:—
EXTERNAL assets of the Central Bank, Associated Banks and Departmental Funds at 31st December, 1956, 1957, 1958, 1959 and 1960.
|
31st December |
Central Bank |
Associated Banks |
Departmental Funds |
Total (net) |
|
|
Gross |
Net |
||||
|
£million |
|||||
|
1956 |
77.3 |
231.4 |
88.4 |
17.3 |
183.0 |
|
1957 |
85.9 |
238.8 |
90.5 |
13.5 |
189.9 |
|
1958 |
87.3 |
258.4 |
104.9 |
13.6 |
205.8 |
|
1959 |
86.8 |
267.0 |
103.5 |
19.9 |
210.2 |
|
1960 |
89.2 |
269.3 |
103.6 |
17.1 |
209.9 |
EXTERNAL assets under the control of (a) the Minister for Finance, (b) Central Bank, (c) Associated Banks, (d) Courts of Justice, (e) Commissioners of Charitable Donations and Bequests and (f) Public Trustee.
|
31st March |
External assets under control of:— |
Total (net) |
||||||
|
Minister for Finance |
Central Bank* |
Associated Banks* |
Courts of Justice |
Commissioners of Charitable Donations and Bequests |
Public Trustee |
|||
|
Gross |
Net |
|||||||
|
£million |
||||||||
|
1956 |
25.0 |
75.0 |
223.8 |
90.3 |
2.24 |
0.28 |
0.07 |
192.9 |
|
1957 |
16.7 |
78.5 |
232.1 |
92.8 |
2.17 |
0.28 |
0.05 |
190.5 |
|
1958 |
13.5 |
84.0 |
245.6 |
98.9 |
1.97 |
0.25 |
0.05 |
198.7 |
|
1959 |
18.6 |
87.6 |
251.2 |
99.7 |
1.84 |
0.27 |
0.04 |
208.1 |
|
1960 |
19.9 |
85.3 |
260.0 |
100.0 |
1.87 |
0.24 |
0.04 |
207.4 |
* Third Tuesday in March.
