asked the Taoiseach whether the figure of £210.2 millions stated by him to be the amount of the gross external assets held by the State includes the external investments held by the Courts of Justice, the Commissioners of Charitable Donations and Bequests, the Public Trustee, the Industrial Credit Corporation, the Agricultural Credit Corporation and the Hospitals' Trust Fund; and, if not, if he will state the amount of external assets so held, giving the amount in each case as at the 31st December, 1959.
Ceisteanna—Questions. Oral Answers. - External Assets.
5.
Mr. Ryan
The assets of Departmental Funds included in the figure of £210.2 million quoted by the Deputy relate only to external assets under the control of the Minister for Finance. Figures for the external holdings of the other bodies mentioned by the Deputy are not available as at 31st December since the information is compiled only as at 31st March in each year. At the 31st March, 1959, the external holdings of the bodies named were as follows:—
|
Courts of Justice |
£1.84 million |
|
Commissioners of Charitable Donations and Bequests |
£0.27 ,, |
|
Public Trustee |
£0.04 ,, |
|
Industrial Credit Company, Ltd. |
— |
|
Agricultural Credit Corporation, Ltd. |
— |
|
Hospitals' Trust Board |
— |
6.
Mr. Ryan
asked the Taoiseach if he will give the break-down of the gross external assets, stated by him to be £210.2 millions at the 31st December, 1959, under the headings of the gross external assets held by the Central Bank, the Associated Banks and Departmental Funds.
7.
Mr. Ryan
asked the Taoiseach if he will state the value of the net external assets of the State at 31st December, 1956, 1957, 1958 and 1959, giving in each case a break-down of the amount of the external assets held by the Central Bank, the Associated Banks and Departmental Funds.
I propose, with the permission of the Leas-Cheann Comhairle, to take questions Nos. 6 and 7 together.
The break-down of the figure of £210.2 million for the external assets of the banking system and Departmental funds as at 31st December, 1959, is: Central Bank, £86.8 million; Associated Banks (net), £103.5 million; Departmental Funds, £19.9 million. In the case of the Central Bank and Departmental Funds the "gross" and "net" external assets are identical. In the case of the Associated Banks the gross external assets held by all the banks as at 31st December, 1959, were £267.0 million. As this gross figure does not take account of the banks' own external liabilities the net figure is appropriate for use in computing the external assets of the State. I might add for the Deputy's information that, in the case of a bank incorporated outside the State, the "net external assets" is taken as meaning the excess of its liabilities in the State over its assets in the State.
The figures in Table 16 of the Report of the Central Bank for the year to 31st March, 1959, to which I referred in my reply of 10th February, 1960, may, therefore, be taken as referring to the net external assets of the banking system and Departmental Funds. As I indicated in that reply, sufficient information in not available on which to base a reliable estimate of the magnitude of the external assets in private hands.
Has the Parliamentary Secretary covered the query in Question No. 7 relating to the years 1956, 1957 and 1958?
It does not appear to be covered in the reply.
Perhaps if the Parliamentary Secretary has not got the information Deputy Ryan could put down the Question again.
I am sure it would be possible to get the information.