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Dáil Éireann debate -
Wednesday, 5 Mar 1969

Vol. 238 No. 15

Ceisteanna—Questions. Oral Answers. - Central Bank Act.

60.

asked the Minister for Finance if section 6 of the Central Bank Act, 1942, has ever been implemented.

The section to which the Deputy refers is being continuously implemented by the Central Bank.

Would the Minister read out section 6?

I would love to but the Ceann Comhairle would not permit me, I am afraid.

Is the Minister aware of the fact that in section 6 it is stated:

... and ensuring that ... the constant and predominant aim shall be the welfare of the people as a whole.

The control and administration of credit is still in the hands of the commercial bank directors. Despite what is said in that section we are not concerned with the welfare of the people as a whole. Perhaps it is a little complex for the Minister?

I think I understand it.

(Interruptions.)

I think I understand it and indeed for the Deputy's information I also have a fair knowledge of how the Russian State Bank works.

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