asked the Minister for Finance if he will state the total amount of English securities held by the Government Departments and the Central Bank respectively in 1939 and in 1951 and at the latest available date in 1952.
Ceisteanna—Questions. Oral Answers. - English Securities Held by Government Departments and Central Bank.
I hope I will be permitted to answer this question.
The market value of external securities held on behalf of the Post Office Savings Bank and other departmental funds was as follows:—
|
31st March, 1939 |
£13,179,000 |
|
31st March, 1951 |
£50,326,000 |
|
31st March, 1952 |
£34,716,000 |
Securities held by the Courts of Justice, the Public Trustee and the Commissioners for Charitable Donations and Bequests are excluded as they are not under ministerial control.
The external assets of the Central Bank were as follows:—
|
24th March, 1939 |
£9.6 million |
|
20th March, 1951 |
£80.6 million |
|
18th March, 1952 |
£65.4 million |
I hope the Minister for Posts and Telegraphs listened to that reply and will read the speech he made last Sunday.
Deputy Hickey should listen to it because the Government which he supported considerably increased the external assets held by the Central Bank.
Is it correct to say that the rate of interest earned on the £65,000,000 invested by the Central Bank in Great Britain averages between 1¼ per cent. and 1¾ per cent. per annum and that the Irish Government, at the same time, is borrowing money at 5 per cent. per annum?
I should like to have notice of that question, but may I remind the Deputy——
Is it not a fact?
——that, under the Government of which he was a member, the external assets of the Central Bank reached a figure which they never attained before and that they have been considerably reduced since?
I thought you told us that we wasted all these external assets. You do not know what you are talking about, that is obvious.
I want to tell the Minister that I did not agree with the previous Government any more than I agree with this Government in their line of action.
You never once voted against them.
Would you, Sir, ask the Minister to stop laughing at himself?