Dáil Éireann díospóireacht -
Wednesday, 23 Jul 1969

Vol. 241 No. 8

Ceisteanna—Questions. Oral Answers. - Land Bonds.

46.

Mr. Bruton

asked the Minister for Finance if he can give comparative figures for the present value of Land Bonds issued over the past ten years and the present average value of fixed interest securities issued on the Irish Stock Exchange in the same year.

Mr. Haughey

As the reply is in the form of a tabular statement I propose, with your permission, a Cheann Comhairle, to circulate it with the Official Report.

Following is the statement:—

Year	Land Bonds	Fixed interest securities
	Title of Bond	Price at Issue	Present Value (18 July 1969)	Title of Loan	Price at Issue	Average Present Value (18 July 1969)
1959	5½% Land Bonds	100	68	5½% National Develop- ment Loan 1979-84	99		69
1960	6% Land Bonds	100	67	6% Exchequer Stock 1980- 85 (First tranche)	99		73?
1961	6% Land Bonds	100	67	6% Exchequer Stock 1980- 85 (Second tranche)	97		73?
1962	6% Land Bonds	100	67	5¾% National Loan 1982- 87	99		72
1963	6% Land Bonds	100	67	5¾% Exchequer Stock 1984-89	100		69?
1964	6% Land Bonds	100	67	6% Exchequer Loan 1985-90	98½		72?
1965	6% Land Bonds	100	67	6¾% National Loan 1986-91	100		79?
1966	7% Land Bonds	100	79¾	7½% National Loan 1981-86	99		95?
1967	7½% Land Bonds	100	83	6½% Exchequer Stock 2000/05	95	97½*	82?
1967	7% National Loan, 1987-1992	98½
1967	7½% Exchequer Stock, 1973	100
1968	7½% Land Bonds	100	83	6½% Exchequer Stock, 1971	97¼	97*	93¼
1968	7% Exchequer Stock, 1975	96½
1968	7½% Development Stock 1988-93	97½

* Average

Mr. Bruton

Would these figures lead the Minister to consider that making land bonds redeemable at par, say, 20 years after the date of issue would be a useful method of maintaining their value?

Mr. Haughey

Perhaps the Deputy would study the figures first.

Dr. FitzGerald

The Minister has not given him much opportunity.