asked the Minister for Finance if he will state in respect of each of the joint stock banks operating within the Republic of Ireland (a) the amount payable by way of income-tax on the property held by each such bank, and (b) the total amount of income-tax paid by each such bank during each of the last five tax years.
Ceisteanna—Questions. Oral Answers. - Joint Stock Banks.
Having regard to secrecy obligations affecting income-tax, it is not possible to divulge particulars in relation to any individual case.
Will the Minister say if it is possible to find that information from any other source?
It is possible to find it, but not to divulge it.
asked the Minister for Finance whether he is aware (a) that the deposit, current and other account balances of the ten Irish banks at December 31st, 1949, were £395,218,354, an increase of £10,037,388 as compared with 1948, and £215,088,905 over 1939, and (b) that the aggregate net profits of the ten banks for 1949 was £1,475,588 and whether, since those millions on deposit are earning about 1 per cent., he will consider introducing proposals for legislation to amend the Central Bank Act, 1942, so that any further loans which may be necessary shall be made upon the authority and to the benefit of the Government and not to the benefit of any private interests.
The figures mentioned at (a) of the question and the figure of net profits at (b) include transactions of one bank which does not carry on business in the State and include also the extensive business of the other nine banks outside the State. The suggestion in the latter part of the question is not clear, but it is at present the position that loans raised by the Government from any quarter are raised under authority conferred on the Government by the Oireachtas and are for the benefit of the public interest generally.
Does the Minister not think that the time has arrived when we should adjust ourselves to the social and economic changes which have taken place not only here, but all over the world and that we should not be at the mercy of finance in this country?
I think an adjustment has been made and is continuing to be made. We are not at the mercy of any financial interest in this country.
He has put up the rate of interest.
I was told by Deputy de Valera in 1932, when he was Taoiseach, that nothing need be held up for the want of money, but in many cases many things that we want to do are being held up because we have to pay too big a price for money.
You are not paying a big price.