asked the Minister for Finance why the amount paid from the Central Fund for sinking fund in 1958/59 was £530,000 in excess of estimate.
Ceisteanna—Questions. Oral Answers. - Central Fund Payments.
9.
The total Central Fund expenditure on the Service of the Public Debt in 1958/59 was £19.578 m. as compared with the estimate of £19.745 m. showing a saving of £167,000. Of the total provision, £18.006 m. was for fixed charges of combined interest and sinking fund. The allocation of this amount as between interest and sinking fund is conjectural to some extent at the estimate stage since the outcome will depend on variations in interest rates and on the amount of outstanding debt which it may be possible to acquire for redemption. The fall in interest rates during the past year combined with a reduction in the volume of temporary borrowing found necessary enabled a greater portion of the annuities in respect of Voted Capital Services to be applied as sinking fund.