asked the Minister for Finance if all persons who held State investments which fell due for repayment during the bank strike have now been repaid; the amount of the sums that fell due for repayment; and if they have not all been repaid, the amount still due for repayment.
Ceisteanna—Questions. Oral Answers. - State Investment Repayments.
32.
About £41 million of Government stocks fell due for redemption on 15th July, 1970, but owing to the bank closure the redemption date had to be postponed to 1st February, 1971. As an alternative to redemption the holders of the stocks were given an offer of converting their holdings into any of three new stocks. Holders of stocks amounting to about £14.7 million opted for redemption. These have been paid with interest at 8 per cent for the period 15th July to 1st February. Holders of stocks amounting to about £24.2 million opted for conversion.
About £2.4 million stock has neither been redeemed nor converted. This is due, partly to instructions from British holders being delayed by the British postal strike, partly to the legal requirements which have to be complied with where holders of the stock have died and partly to replies not being received from certain holders. In order to facilitate all these holders the conversion offer will be kept open for some time longer.
Redemption moneys amounting to £321,700 in respect of the land bond draw which was postponed due to the bank closure were paid out on 1st December, 1970 together with interest at the rate of 8 per cent per annum for the period from 1st July to 1st December.
Would the Minister not agree that having regard to the variety of conversion stocks which he offered this is a very poor response considering that nearly 40 per cent of the holders requested cash?
No, I would not agree at all. In fact, as I pointed out in replying to the debate on the Second Stage of the Central Bank Bill, it is by far the highest amount we have ever raised at any one time.
It is not the highest percentage amount by any means. In fact, it is the lowest percentage amount.
No, no. That is not true.
It is true. I know a great deal about these conversion schemes.
The amount of new money and converted money taken together, which is the only way to judge it, is the highest we have ever achieved.
The amount of new money——
Question No. 33.
Has the Minister received any representations from people who, because they could not get their money on 1st July last, were left in the position of not being able to make purchases, perhaps of the farm next door that would never be sold again?
I would not like to say positively that I have not. I do not recall any specifically but I may have.
I want to assure the Minister that there are such cases and that people have suffered losses that can never be redeemed.
I appreciate that this is so and, indeed, this is so in relation to almost any industrial dispute: losses are suffered by some people which are never recoverable.
Question No. 33.
In this case surely the Minister has the right to help people in that position?
I have already taken some steps to do so, as far as it is open to me.