asked the Minister for Finance if he will give particulars of the repayment figure in the Estimates for 1960-61 concerning the American Counterpart Loan and the rate of interest and the terms and duration of repayment; and if he will give details of the projects on which the loan was expended, the date of authorisation of such expenditure and the date of actual payment.
Written Answers. - American Counterpart Loan.
46.
As the service of the American Loan is charged directly on the Central Fund no provision for the repayment of the Loan is made in the Annual Volume of Estimates for the Supply Services. Full details of the terms of the loan are available on the Loan Agreements dated 28th October, 1948, 23rd February, 1949, 22nd December, 1949, and 30th June, 1950, which have been presented to both Houses of the Oireachtas. The rate of interest is 2½% on the balance outstanding from time to time and the amount of principal repayable in 1960-61 is $1,503,708.
Of the Irish currency proceeds of the loan which amounted to £40.7 million, £630,000 was invested in Agricultural Credit Corporation Stock. The balance with accumulated interest was invested in Ways and Means Advances to the Exchequer and was utilised with other Exchequer borrowings to finance capital and other services during the period from December, 1949, to December, 1951. The particular services financed by the loan proceeds were not segregated.