asked the Minister for Finance the total amount of money due by the Exchequer to Aer Lingus Teoranta at 31st March, 1965.
7.
Ceisteanna—Questions. Oral Answers. - Exchequer Indebtedness.
6.
asked the Minister for Finance the amount of money due by the Exchequer to Irish Shipping Limited at 31st March, 1965.
8.
asked the Minister for Finance the total amount of money due by the Exchequer to the Agricultural Credit Corporation Limited at 31st March, 1965.
9.
asked the Minister for Finance the total amount of money due by the Exchequer to Bord na Móna at 31st March, 1965.
10.
asked the Minister for Finance the total amount of money due by the Exchequer to the Electricity Supply Board at 31st March, 1965.
11.
asked the Minister for Finance the total amount of money due by the Exchequer to the Irish Life Assurance Company Limited at 31st March, 1965.
12.
asked the Minister for Finance the amount of money due by the Exchequer to the Industrial Credit Company Limited at 31st March, 1965.
A Leas-Cheann Comhairle, with your permission, I propose to reply to Questions Nos. 6 to 12 together.
At 31st March, 1965, the amounts invested short-term in the Exchequer by Aer Lingus Teoranta, Bord na Móna and the Electricity Supply Board were £5,373,000, £500,000 and £7,500,000, respectively. None of the other bodies concerned had money invested short-term in the Exchequer at that date.
Is the Parliamentary Secretary in a position to say what is the reason for this remarkable procedure of borrowing all the available funds of these semi-State enterprises by the Exchequer?
I do not think there is anything exceptional at all in the practice.
The figures the Parliamentary Secretary gave, I think, were the amounts of money invested?
Yes.
Is that the same thing as what was asked in the questions? The questions asked the amount due by the Exchequer. Is there any question of interest arising?
The reply I read is the reply to the questions tabled by Deputy Governey.
The questions asked the amount due by the Exchequer to these bodies. The Parliamentary Secretary gave a figure for the amounts invested in the Exchequer by these bodies.
I gave the figure that was due.
Are these ways and means advances?
Yes, short-term.
You are scraping every barrel in the country when you have exhausted the banks.
Should they keep their money in a stocking?
Not at all. They should put it in the banks that badly need it, who have not a sixpence to lend to anybody.
Does the Parliamentary Secretary not agree that this borrowing from these State companies restricts their development?
No.
No. As a matter of fact, in one of the cases repayment was made the day following the date the Deputy has set in his question.
Would the Parliamentary Secretary say what rate of interest is paid on the money borrowed from these companies?
The going rate.
On that basis, I should like the Parliamentary Secretary to consult his brief again. I understood the Parliamentary Secretary to say that a specific sum of money was invested. The questions put down by Deputy Governey asked the amount of money due from the Exchequer. Surely the amount of money due is the amount invested plus interest?
The only thing I can say is that I gave the reply to Deputy Governey's questions.
We are rightly in pawn now.