asked the Minister for Finance if he will state how the sum of £26,620, being the estimated expenses of management of the Local Loans Fund in 1942/43, is made up; how and to whom this sum is disbursed, and the services rendered to the State in return for this expenditure.

The sum of £26,620 mentioned by the Deputy is the estimated net cost of management of the Local Loans Fund in 1941-42 after deducting receipts by way of penal interest, etc., as provided for in Section 18 of the Local Loans Fund Act, 1935. As indicated in a note on page 13 of the current year's Estimates volume, the amount is made up as follows, namely, Exchequer and Audit Office, £100; Department of Finance, £750; Office of Public Works, £22,000; Law Charges (Finance solicitor), £1,770, and Land Commission, £2,000. The money will be paid out of the fund into the Exchequer in 1942-43, via the appropriate Votes.

The services covered by this expenditure comprise the financing and general administration of the fund, the examination of loan proposals, including the legal work involved; the making of advances, the collection of repayments and the preparation and-audit of the annual accounts.