§ Mr. Thorneasked the Financial Secretary to the Treasury how the moneys in 1418W the Post Office Savings Bank, including Savings Certificates, are invested; with what Departments they are invested; and what rate of interest is paid by the various Departments?
§ Lieut.-Colonel ColvilleSums raised by the sale of Savings Certificates do not pass through the Post Office Savings Banks Fund and are not invested but applied in reduction of other debt. Details of the investments held for the Post Office Savings Banks Fund at 31st December, 1936, will be found in the Accounts of the Fund presented to Parliament on 28th June last (63–9999).
In addition to their investments in Government stocks and bonds, the National Debt Commissioners where so authorised by Parliament may advance money to other public Departments. Subject to any directions from Parliament contained in the Act authorising such an advance, the rate of interest is determined at the time the advance is made, having regard to the rates of interest then prevailing. Following are particulars of the advances so made from the Post Office Savings Banks Fund in 1936 and rates of interest charged:
Advances for Capital outstanding. Rates of Interest. £ s. d. per cent Telegraph Acts, etc. 12,550,000 0 0 3 Commutation of Pensions. 250,079 2 3 3½