asked the Minister for Finance for what different purposes did the Department of Finance hold £14,128,654 of British Government securities on the 31st March, 1938; and what is the general policy of the Government in this matter, and also in the matter of Departments other than the Department of Finance holding foreign investments.
Ceisteanna—Questions. Oral Answers. - British Government Securities.
All the funds and accounts under the management of the Department of Finance and other Departments are of a trustee character and accordingly the moneys lying to the credit of these various funds and accounts are invested in Irish and British Government securities in such a manner as to secure the maximum income compatible with safeguarding the capital and to ensure that high degree of liquidity which is so essential if the funds and accounts are to be maintained in a position to discharge their statutory obligations and the other liabilities which fall appropriately upon them. The Deputy will realise that for the placing in this way of the very large amounts of money involved in these funds and accounts the field of choice nowadays is strictly limited.
Arising out of the Minister's reply, is the Minister aware that this country is unique by reason of the fact that we carry heavier investments in foreign securities than any other country in the world?
I am aware that this country is in the fortunate position of being one of the six leading creditor countries in the world.