§ SIR THOMAS ESMONDETo ask the Chief Secretary to the Lord-Lieutenant of Ireland if he has yet come to any decision regarding the obtaining of interest on the credit balances of the Irish Development Grant and on the credit balances of any other public Departments in Ireland.
(Answered by Mr. Walter Long.) The residue of the Development Grant in any financial year, after payment of the statutory charges, forms part of the cash portion of the Guarantee Fund, and it is not practicable to ascertain until the end of the year whether any portion of the residue will be required to satisfy claims against the Guarantee Fund. During that period the residue is not available for deposit in an interest-bearing account. The Treasury Regulations, under Section 1 of the Development Grant Act, 1903, provide for the temporary investment in approved securities of such portion of the unexpended balances of the Grant from previous years as the Lord-Lieutenant, with the approval of the Treasury, may determine. I am communicating with the Treasury in the matter. With regard to the concluding inquiry, I have nothing to add to the reply given to the hon. Gentleman's Question of Tuesday † last by my hon. friend the Secretary to the Treasury.