Would the Minister mind explaining, for the information of posterity as well as for the information of Deputies now, what is the exact significance of the power contained in Section 3 to borrow £64,404,624? Whence does the Minister actually borrow that sum and does that figure represent the sum of the Vote on Account?
Committee on Finance. - Central Fund Bill, 1963—All Stages.
Leave granted to introduce a Bill entitled an Act to apply certain sums out of the Central Fund to the service of the years ending on the thirty-first day of March one thousand nine hundred and sixtythree and one thousand nine hundred and sixty-four.
Agreed to take remaining Stages today.
Bill read a Second Time.
Bill put through Committee, reported without amendment and received for final consideration.
Question proposed: "That the Bill do now pass".
The Central Fund Bill always gives power to borrow the whole lot or, of course, to get it from taxation. I suppose there may have been some difficulty in deciding how much to borrow and we may, therefore, borrow the whole lot, if you like.
It represents the power to borrow the entire amount of the Vote on Account?
The whole amount of the Central Fund. The two sums are included there: the Vote on Account and the Supplementary Estimates.
Section 1 deals with an issue out of the Central Fund for the service of the year ending 31st March, 1963. That is the end of this financial year. Section 2 deals with an issue of £55,370,000 to the end of March, 1964. That is the Vote on Account. What is the £9,034,624 referred to in Section 1? Is that the sum of the Supplementary Estimates?
Yes.
Section 1 relates to the Supplementary Estimates of which we have just disposed; Section 2 is the Vote on Account for next year; and Section 3 is the power in the Minister to borrow for the entire amount of the two.
Both this year and next year, yes.
If that necessity arises.
Yes.
Question put and agreed to.
This is a Money Bill for the purposes of Article 22 of the Constitution.
The Dáil adjourned at 9 p.m. until 3 p.m. on Wednesday, 27th March, 1963.