asked the Minister for Finance if he will give details of the Irish Government securities held by the Central Bank, including the rate of interest paid on such securities for the preceding six months, (1) under subsection 7 of section 3 of the Bretton Woods Agreements Act, 1957, (2) otherwise in the Legal Tender Note Fund, and (3) in the General Fund.
Ceisteanna—Questions. Oral Answers. - Government Securities held by Central Bank.
5.
Following is the information requested by the Deputy as at 30th March, 1963 :—
(1) Irish Government security for advances under subsection (7) of Section 3 of the Bretton Woods Agreements Act, 1957, totalled £4,812,840 as follows:— Certificates of Indebtedness for: £1,567,500 at 3½ per cent per annum; £3,012,800 at 4 per cent per annum; £232,500 at 5 per cent per annum.
(2) Nil.
(3) I have no information under this heading other than in relation to securities for advances made to me under the International Finance Corporation Act, 1958, and the International Development Association Act, 1960, which totalled £201,544 as follows:— Certificates of Indebtedness: Under the International Finance Corporation Act, 1958: for £118,500 at 4 per cent per annum; under the International Development Association Act, 1960:
for £54,000 at 4 per cent per annum; for £15,500 at 5 per cent per annum; for £13,500 at 3½ per cent per annum.
The statutory form of accounts as laid down in the Central Bank of Ireland (Form of Statement of Accounts) Regulations, 1961, does not provide for the indication of Irish Government securities held in the General Fund.
The rate of interest paid on certificates of indebtedness is fixed at the time of borrowing by reference to the short-term interest rates then prevailing.
Are there no Exchequer Bills in the General Fund?
No, I do not think so.
Is the Minister sure?
I am almost sure. I shall not say definitely. There may be some rediscounted.