asked the Minister for Finance the constituent elements of the currency reserve held by the Central Bank under the following heads: (1) sterling securities or currency, (2) dollar securities or currency, (3) Irish Government securities, (4) gold, and (5) other.
Ceisteanna—Questions. Oral Answers. - Currency Reserve.
5.
The currency reserve is an account of the General Fund of the Central Bank and none of the assets of that Fund are specifically ear-marked for the reserve. If the Deputy has in mind the assets of the Legal Tender Note Fund, the figures as at 18th June, 1966, which were published in Iris Oifigiúil of 21st June, 1966, are as follows:
|
£ |
s. |
d. |
|
|
(1) Sterling securities or currency |
71,352,645 |
17 |
6 |
|
(2) Dollar securities or currency |
10,233,928 |
11 |
5 |
|
(3) Irish Government securities* |
9,377,310 |
12 |
2 |
|
(4) Gold |
2,646,033 |
8 |
11 |
|
(5) Others |
21,118,754 |
10 |
0 |
|
TOTAL |
£114,728,673 |
0 |
0 |
* Advances under the Bretton Woods Agreements Act, 1957.
What is covered by "others"? Has the Minister any breakdown of "others"? Does the figure £114.7 million bear up to the total currency being issued?
That is the actual total of the balance sheet of the Legal Tender Note Fund. In effect, this is the total of money in circulation. As far as the heading "others" is concerned, that is a balance in the Central Bank General Fund which is available to the Central Bank, for example, to rediscount Exchequer Bills.
Is that the fund which was substantially absorbed in the Exchequer issue last year of the Government loan in lieu of the Exchequer Bill renewal? It is substantially invested in Irish Government securities?
It is.