asked the Minister for Finance if he will take such steps as are necessary to ensure that all funds held in British securities by the Central Bank in respect of the Legal Tender Note Fund shall be repatriated and invested in Irish Government securities, or in the securities of one or other of the State or semi-State bodies.
Ceisteanna—Questions. Oral Answers. - Central Bank Funds.
I would refer the Deputy to the reply to a question by him on similar lines on 5th February, 1953, and say that the considerations set out therein still apply.
Is the Minister aware that the Provisional Trade Union Organisation Committee Report on full employment made a proposition of this kind? Does he think the proposition feasible or desirable, or does he think it is possible to implement the repatriation of our assets and the reinvestment of them here at home?
I do not know if the proposition is feasible, but I do not think it is desirable at the present time anyway.
asked the Minister for Finance if he will state (a) the total moneys held in the Legal Tender Note Fund of the Central Bank, and (b) the amount of these moneys held in (i) British and (ii) Irish Government securities.
The total assets of the Legal Tender Note Fund amounted at 25th May, 1957, to £72.9 million, of which £64.6 million was held in British Government securities. Under present arrangements there is no authority to hold Irish Government securities in the Legal Tender Note Fund.