asked the Minister for Finance if he will state the value of sterling assets held by (a) the Central Bank, (b) all other Irish banks; and also if he will give a list of the sterling securities in which funds under the control of Government Departments are invested, indicating the value of such securities.
Ceisteanna—Questions. Oral Answers. - Sterling Statistics.
With regard to (a), I would refer the Deputy to the Report and Accounts of the Central Bank for the year ended 31st March, 1945, which were presented to the Dáil pursuant to Sections 35 and 36 of the Currency Act, 1927, and also to the balance sheets of the Legal Tender Note Fund, which are published weekly in Iris Oifigiúil.
With regard to (b), the assets and liabilities, within Éire and elsewhere, of the other Irish banks are shown in the quarterly bank return published in the Irish Trade Journal.
The latest date for which particulars of Departmental investments in sterling securities are available is the 31st March, 1945. As the reply to this part of the question is in the form of a tabular statement, I propose, with the permission of the Ceann Comhairle, to have it circulated with the Official Report.
Following is the statement:—
STATEMENT of Sterling Securities held on behalf of Departmental Funds (e.g., the Post Office Savings Bank Fund, the Savings Certificates Reserve Fund, the National Health Insurance Funds, the (Widows' and Orphans') Pensions Investment Account, the Church Temporalities Fund and other Land Commission Funds, the Woods and Forests Fund, the Unemployment Funds, the Department of Education Bequest Funds, the assets of the former National School Teachers' Pension Fund at 31st March, 1945.*
|
Particulars of Security |
Nominal Value |
|
£ |
|
|
Guaranteed 2¾% Land Stock, 1921 or after |
4,292 |
|
Guaranteed 2¾% Stock, 1933 or after |
1,918,672 |
|
Guaranteed 3% Stock, 1939 or after |
389,402 |
|
2½% Consols, 1923 or after |
1,506,237 |
|
4% Consols, 1957 or after |
5,116,465 |
|
2½% Conversion Loan, 1944-49 |
500,000 |
|
3% Conversion Loan, 1948-53 |
1,000,000 |
|
3½% Conversion Loan, 1961 or after |
7,487,252 |
|
3% War Loan, 1955-59 |
250,000 |
|
3½% War Loan, 1952 or after |
2,850,852 |
|
2½% National War Bonds, 1945-47 |
1,850,000 |
|
2¾% Funding Loan, 1952-57 |
550,000 |
|
3% Funding Loan, 1959-69 |
1,150,000 |
|
4% Funding Loan, 1960-90 |
60,026 |
|
3% Savings Bonds, 1955-65 |
6,690,770 |
|
3% Local Loans Stock, 1912 or after |
4,355,000 |
|
TOTAL |
£35,678,968 |
|
* Certain investments held by the Irish Land Commission and the investments of the Courts of Justice, the Commissioners for Charitable Donations and Bequests and the Public Trustee are excluded as representing private funds. |
Would it not be a great kindness when the Minister was making out this tabular statement if he collected the other two sets of statistics under (a) and (b) and put them in the tabular statements also? It would take him about three minutes to do that but it would take an unfortunate Deputy three hours to look them up.
They appear in the Quarterly Journal.
It would take you only about three minutes to do it whereas it would take a Deputy a long time to look them up.
It is like the way a hen would have to scratch.
It would be a waste of paper and a waste of time to supply particulars that are already in published form and are readily available.
If you asked your secretary to get you these particulars and you were told to go to the Quarterly Journal, you would give him a very short answer.