asked the Minister for Finance whether it is a general principle that, in the case where loans by the State or by State bodies are oversubscribed by the public, smaller investors have their requirements met in full prior to the meeting of the requirements of such investors as banks and insurance companies on a proportional basis; whether this practice was followed in the case of the recent ESB loan; and, if not, why.
Ceisteanna—Questions. Oral Answers. - Small Loan Investors.
14.
Where loans by the State and by State bodies are oversubscribed by the public it is the practice in allotting the stock to give preferential treatment to small applications. I understand that in the case of the recent ESB loan, which was heavily oversubscribed by the public, this practice was followed. As announced by the ESB in the press on 12th March, applications for up to £500 of stock were allotted in full; applications between £510 and £1,000 were allotted £500 each; applications between £1,010 and £2,000 were allotted £750 each; applications between £2,010 and £5,000 were allotted £1,250 each; while applications for larger amounts of stock were allotted 25 per cent. of the amount applied for.