Ceisteanna—Questions. Oral Answers. - Deposits in Counterpart Fund.

Wednesday, 9 November 1949

Dáil Éireann Debate
Vol. 118 No. 5

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Mr. Briscoe: Information on Robert Briscoe  Zoom on Robert Briscoe  asked the Minister for Finance if he will state the amount of money which has been deposited in the Counterpart Fund against dollar purchases in accordance with Marshall loan conditions.

Mr. McGilligan: Information on Patrick McGilligan  Zoom on Patrick McGilligan  The treatment of the Irish currency proceeds of the loan is governed by the Appropriation Act, 1948, and the Central Fund Act, 1949, and does not arise from any condition in the Loan Agreement. The total amount of the proceeds deposited to date in the Central Bank is £15,121,354.

Mr. C. Lehane: Information on Con Lehane  Zoom on Con Lehane  Can the Minister say whether the amount mentioned by him is earning any interest?

Mr. McGilligan: Information on Patrick McGilligan  Zoom on Patrick McGilligan  I cannot say.

Mr. Briscoe: Information on Robert Briscoe  Zoom on Robert Briscoe  Am I to take it that in the answer to the question last week the Minister indicated that the liability in relation to that amount deposited was now £21,000,000 as against £15,000,000 at the rate of exchange of dollars before devaluation? Will the Minister say whether any steps have [576] been taken to increase the amount on deposit?

Mr. McGilligan: Information on Patrick McGilligan  Zoom on Patrick McGilligan  No steps have been taken.

Mr. Briscoe: Information on Robert Briscoe  Zoom on Robert Briscoe  It does not arise from the agreement?

Mr. McGilligan: Information on Patrick McGilligan  Zoom on Patrick McGilligan  These moneys are fed in from time to time. Some moneys are only there for some weeks and, of course, it is going to be used——

Mr. C. Lehane: Information on Con Lehane  Zoom on Con Lehane  Will the Minister say whether any consideration has been given to the utilisation of this money for local authority housing?


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