asked the Minister for Posts and Telegraphs if he will state if the first issue of Savings Certificates has been redeemed; and, if so, what is the average rate of interest paid on the total moneys subscribed to that issue, taking into account all certificates including those encashed by holders before full maturity.
Ceisteanna—Questions. Oral Answers. - Savings Certificates.
The first issue of Savings Certificates has not been fully redeemed. Out of a total issue of £8,016,847 4s. 6d., certificates to the value of £5,432,588 16s. 0d. (excluding interest) have been repaid up to 31st March, 1945, leaving a balance of £2,584,258 8s. 6d. still invested.
I regret, however, that it would not be feasible to compute even the average rate of interest for those certificates which have already been repaid. The rate of interest on any individual purchase of certificates, repaid on a particular date, can be calculated without difficulty, but to arrive at any average rate it would, as a first step, be necessary to analyse all of the 100,000 or so repayments made since 1923. It would not be possible for my Department to undertake the amount of clerical work involved in this task.
I know perfectly well that, until the issue is redeemed in toto, such a calculation cannot conveniently be made. Would the Minister be good enough to tell me the date upon which this issue will be redeemed in toto?
In respect of the first issue of certificates, on sale from 18th June, 1923, to the 20th February, 1931, the arrangement so far authorised by the Department of Finance permits of these certificates being retained until 19th January, 1951.