Advanced search

Volume 8 1945~1948

Doc No.
Date
Subject

No. 335 NAI DT S10959B

Memorandum for Éamon de Valera (Dublin) by the Department of Finance on Ireland's external assets

Dublin, 14 May 1947

EXTERNAL ASSESTS (£ million)

Holders Dec. 31, 1945 Dec. 31, 1946 Increase in 1946
Government 37.9 46.2x 8.3
Central Bank 39.8 42.5 2.7
Commercial Banks 152.4 159.5 7.1
Private (a) (a) 2.7
Total increase in 1946 20.8 (b)
  • Estimate of total not available. Figure of increase in 1946 represents net purchases of sterling securities through Irish stockbrokers and banks. There is no information regarding transactions through foreign stockbrokers and banks.
  • Will be offset as to about £1 million by recorded decreases in certain private holdings (e.g. withdrawals from British Post Office Savings Bank).

x Following are details of the holdings included in this category:-

  £ million
Post Office Savings Bank 32.93
Savings Certificates Reserve Fund 4.82
National Health Insurance Fund 2.22
" " Reserve " 0.34
Unemployment Fund 0.32
Supplementary Unemployment Fund 0.05
Widows' and Orphans' Pensions Investment Fund 1.77
Woods and Forests Fund 0.17
National Loan Sinking Funds 1.22
Teachers' Pension Fund 0.71
Church Temporalities Fund 1.59
Smaller Funds 0.04
 

46.18

Following on the practice adopted in the Balance of Payments Statement only funds controlled by the Department of Finance are classed as Government holdings. Changes in the sterling securities held by certain other Departments (e.g. Education), the Public Trustee, the Commissioners for Charitable Donations and Bequests and the Courts of Justice are taken into account in the 'Private' category. The amount of such sterling securities is of the order of £5½ million.

<<< Previous Document Next Document >>>