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Ceisteanna—Questions. Oral Answers. - Currency Reserve.

Tuesday, 28 June 1966

Dáil Éireann Debate
Vol. 223 No. 9

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5.

Mr. Dillon: Information on James Matthew Dillon Zoom on James Matthew Dillon asked the Minister for Finance the constituent elements of the currency reserve held by the Central Bank under the following heads: (1) sterling securities or currency, (2) dollar securities or currency, (3) Irish Government securities, (4) gold, and (5) other.

Mr. J. Lynch: Information on John Lynch Zoom on John Lynch The currency reserve is an account of the General Fund of the Central Bank and none of the assets of that Fund are specifically ear-marked for the reserve. If the Deputy has in mind the assets of the Legal Tender Note Fund, the figures as at 18th June, 1966, which were published in Iris Oifigiúil of 21st June, 1966, are as follows:

  £ s. d.
(1) Sterling securities or currency 71,352,645 17 6
(2) Dollar securities or currency 10,233,928 11 5
(3) Irish Government securities* 9,377,310 12 2
(4) Gold 2,646,033 8 11
(5) Others 21,118,754 10 0
TOTAL £114,728,673 0 0

* Advances under the Bretton Woods Agreements Act, 1957.

Mr. Dillon: Information on James Matthew Dillon Zoom on James Matthew Dillon What is covered by “others”? Has the Minister any breakdown of “others”? Does the figure £114.7 million bear up to the total currency being issued?

Mr. J. Lynch: Information on John Lynch Zoom on John Lynch That is the actual total of the balance sheet of the Legal Tender Note Fund. In effect, this is the total of money in circulation. As far as the heading “others” is concerned, that is a balance in the Central Bank General Fund which is available to the [1319] Central Bank, for example, to rediscount Exchequer Bills.

Mr. Dillon: Information on James Matthew Dillon Zoom on James Matthew Dillon Is that the fund which was substantially absorbed in the Exchequer issue last year of the Government loan in lieu of the Exchequer Bill renewal? It is substantially invested in Irish Government securities?

Mr. J. Lynch: Information on John Lynch Zoom on John Lynch It is.


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