asked the Minister for Finance whether he would consider paying the face value of 3½ per cent and 4 per cent land bonds without waiting for the redemption dates of these bonds.
Ceisteanna—Questions. Oral Answers. - Land Bonds.
7.
The answer is in the negative.
Would the Minister consider making arrangements for the State to accept these bonds at par value in payment of duties or debts due to the State from the owner of them?
No. There is a statutory regulation whereby these bonds cannot be redeemed before 1984.
I am not asking that they be redeemed but that they be accepted at par value by the State in payment of debts due to the State by the holder of the bonds?
It would not be possible to redeem these bonds now without redeeming all other land bonds and in view of the amount of money involved this would be impracticable.
I am not asking that they be redeemed but that the State should accept them at par value in discharge of debts due to the State.
It is not statutorily possible.
(Cavan): Is the Parliamentary Secretary not aware that certain types of State loans are accepted by the Revenue Commissioners in payment of death duties and in view of the fact that these wretched things at 3½ per cent and 4 per cent are practically valueless to the holders, would the Parliamentary Secretary not consider having them accepted at par by the State in payment of death duties?
And also by the Revenue Commissioners?
We can look into that but as the legislation stands it is not possible.
It does not need a change of legislation. An administrative decision by the Revenue Commissioners to accept them at par is all that is needed.
That is not my advice.
The Parliamentary Secretary indicated that these bonds could be redeemed in 1984. What will they be worth then?
The 3 per cent bonds are now quoted at 59.
What will they be worth in 1984?
They will be redeemed at par.