Dáil Éireann - Volume 228 - 24 May, 1967

Ceisteanna—Questions. Oral Answers. - Irish Investment by English Insurance Companies.

Mr. Crowley Mr. Crowley

38. Mr. Crowley asked the Minister for Industry and Commerce the percentage of premium income invested in Ireland by English insurance companies; and if he intends to take any steps to compel them to increase their investment.

Minister for Health (Mr. S. Flanagan) (for the Minister for Industry and Commerce) Sean Flanagan

1536

Minister for Health (Mr. S. Flanagan) (for the Minister for Industry and Commerce): It is the practice to relate investments to liabilities rather than to premium income. The British and Commonwealth Life Assurance Companies had investments in this country, at 31st December, 1965, equal to 60.5 per cent of the funds they hold to cover their liabilities to Irish policyholders. The present voluntary arrangement with the companies provides for a progressive increase in their investments here, so that they may achieve a total investment equal to 66⅔ per cent of their liabilities to Irish policyholders by the end of 1969. The arrangement with the companies is working satisfactorily, [1536] and negotiations are taking place with a view to reaching agreement on a new investment target.

Dáil Éireann 228 Ceisteanna—Questions. Oral Answers. Irish Investment by English Insurance Companies.

Questions

19670524