asked the Minister for Finance if, with reference to the Inspectors' Report on Irish Estates Limited, he has been furnished by the Irish Life Assurance Company Limited with the information referred to in paragraphs 85 and 217 of the Report; if the Irish Life Assurance Company did write down in their own books the value of the properties referred to; and if so, to what figure and representing what losses such value was written down; if the said company did make reserves against the value of the said properties, or against the deficiency of assets shown by the balance sheet of the company; and if he will state the amount of such reserves.
Ceisteanna—Questions. Oral Answers. - Irish Estates Limited.
15.
I am informed by the Company that, owing to the terms of section 101 (a) (iv) of the Insurance Act, 1936, the auditors advised against the precautionary writing down of individual property assets.
The Company has also informed me that their reserves take full account of the realisable or market values of its investments, including its property investments, and that the deficiency of assets shown by the balance sheet of Irish Estates Limited and referred to in paragraph 217 of the Report has been covered by an appropriate reserve in the books of the Irish Life Assurance Co. Ltd. against the capital value of its shareholding in the former Company. Paragraph 179 of the Report states that on the 31st December, 1959, the liabilities of Irish Estates Limited exceeded the book value of the assets by £26,484.