Dáil Éireann Debate, Wednesday - 16 October 2013
114. Deputy Andrew Doyle asked the Minister for Agriculture, Food and the Marine the bodies of the State responsible for bonds and land bonds between the years of 1930 and 1980; if bonds that were issued between these years are still claimable if a State body that issued bonds between these years is no longer in existence; the State body that now has the records for this period of time; and if he will make a statement on the matter. [43721/13]
View answerSince 1923, the purchase prices of lands taken over by the former Irish Land Commission (ILC) were payable in State-guaranteed Land Bonds. Most of the owners whose land was acquired were compensated in these Land Bonds yielding a fixed rate of return. They were redeemable at their nominal or original value, either by periodic random selection from what was known as the Land Bond Fund, or after 30 years at the discretion of the Minister for Finance.
The Land Bond Act, 1992 dissolved the Land Bond Fund and converted the Bonds into cash. All sums outstanding and not immediately required upon the passing of the Act for the payment of vendors were transferred to the Central Bank. This money is held on deposit by the Accounts Division in my Department, as successor to the ILC, until such time as those with valid title lay claim to the funds.
