asked the Minister for Finance if he will state the cost of floating the November, 1961 National Loan of £17½ million at six per cent. under the following headings: (a) commission paid to banks, (b) commission paid to stockbrokers, (c) amount involved in issuing the loan at £97 instead of at par, and (d) the cost of advertising.
Ceisteanna—Questions. Oral Answers. - National Loan, 1961: Flotation Costs.
3.
The total cost of floating the issue of £17½ million of 6 per cent. Exchequer Stock in the Autumn of 1961 was £132,190 of which £122,365 represented underwriting and brokerage commissions and the balance of £9,825 other expenses including the cost of advertising.
The amount involved in issuing the loan at £97 per cent. instead of at par was £525,000. This is not, however, part of the cost of floating the issue as it will not become payable until the stock of the loan is being redeemed, and, like the annual interest, is proper to the cost of servicing the loan over its life.