asked the Minister for Finance if he will state how much E.C.A. funds have been made available to Ireland to date; the amount of these funds which have been used; the amount of the Counterpart Fund which is available and what percentage it is earning for this country; and whether these funds are to be made available for the financing of housing projects.
Ceisteanna—Questions. Oral Answers. - E.C.A. Funds.
Dollar allotments to this country by the United States E.C.A. total $144,200,000 to date. The amount which has been used, i.e., paid out by E.C.A. in respect of completed import transactions, is $117,448,418. The amount of counterpart moneys which has accrued from these dollar receipts is £35,404,373. Of this sum, £1,071,429 is the proceeds of grant aid and the manner of its disposal was dealt with in my reply to questions by Deputies Lemass and Rooney on the 9th November, 1950. As regards loan counterpart, the position is as follows:—
|
£ |
|
|
Invested in Irish Government securities (1½% Ways and Means Advances) |
14,800,000 |
|
Invested in Agricultural Credit Corporation 3% State Guaranteed Mortgage Stock, 1957/67 |
100,000 |
|
Cash (including interest, £97,085, received on above investments) |
19,530,029 |
|
£34,430,029 |
|
As the amount invested in Irish Government securities shows, counterpart resources have already been availed of to a considerable extent for the financing of the Government's capital programme, in which housing is the principal item. It is intended to continue to use these resources to supplement other means of financing housing and other capital projects.
Will the Minister explain why he has invested 117,000,000 of borrowed dollars in what he himself has described as waste paper?
I never described it as waste paper.
Of course you did, thousands of times.
In any event, this is a temporary lodgment of money to be taken out very soon.
It is waste paper, according to the Central Bank report.