§ Mr. Molsonasked the Financial Secretary to the Treasury What amounts were taken over by the National Insurance Fund when it was initiated on the 5th July, 1948.
Mr. Glenvil -HallThe total nominal amount of the securities taken over by the National Insurance (Reserve) Fund on 5th July, 1948, was £909 million. This includes securities of Approved Societies, the formal transfer of which was completed at a later date. In addition other assets were taken over, valued at between £2½ million and £3 million and consisting of office premises and equipment, and sundry working balances. An amount of £100 million was transferred to the National Insurance Fund from the National Insurance (Reserve) Fund in accordance with Section 66 (1) of the National Insurance Act, 1946.