asked the Minister for Finance to state (a) how the surplus from the Irish Church Temporalities Fund arises; (b) the amount of such surplus; (c) how it has been invested; (d) the annual income derived from such investments in each of the years 1929-1930 (inclusive); (e) the manner in which such income has been disposed of in each of those years.
Written Answers. - Church Temporalities Fund.
(a) Under the Irish Church Act, 1869, the property of the Church of Ireland was appropriated by Parliament, and after payment of compensation for vested interests under the Act the surplus of the proceeds of the property was placed at the disposition of Parliament by Section 68 of that Act, and constituted what has been known as the "Church Surplus Fund;" (b) it is not possible to state the amount of the surplus, as the property consisted mainly of tithe rent charges and other revenue from lands, but shortly after the passing of the Act of 1869 it was estimated that the capital value of the surplus was approximately six-and-a-half million pounds. Subsequently, however, the capital value was reduced as a result of legislation; (c) for very many years money had to be borrowed from the National Debt Commissioners to finance the obligations imposed on the surplus by various Acts of Parliament, and no moneys were available for investment until 1912. Any moneys available for investment since that date have been invested in Government securities; (d) the income from invested funds amounted to £77,909 7s. 5d. in 1929-30, and to £79,465 15s. 4d. in 1930-31, and (e) this income was applied towards the payment of the annual statutory charges on the surplus.