asked the Minister for Finance the total cost of floating the £15 million Loan in 1960 under the following headings: (1) commission paid to banks, (2) commission paid to stockbrokers, (3) amount involved in issuing the Loan at £99 and (4) cost of advertisements.
Ceisteanna—Questions. Oral Answers. - National Loan, 1960: Costs of Flotation.
32.
Accounts in respect of the expenses of the issue of the £15 million of 6% Exchequer Stock in the Autumn of 1960 have not yet been completed. The total cost of floating the issue is, however, estimated at £112,000, of which £102,800 represents underwriting and brokerage commissions and £9,200 other expenses, including the cost of advertising.
The amount involved in issuing the Loan at 99 instead of at par was £150,000. This is not, however, part of the cost of floating the issue as it will not become payable until the stock of the loan is being redeemed and like the annual interest is proper to the cost of servicing the Loan over its life.