asked the Minister for Finance the cost of floating the recent £7 million loan at 7 per cent from Germany, stating the amount of commission paid to (a) the banks and (b) stockbrokers.

As I indicated in reply to a Parliamentary Question on 10th March, 1966, a commission of 2½ per cent of the nominal amount of the loan was paid to the two banks who handled the loan. From this commission, amounting to £175,000, they allowed up to £105,000 to underwriters and other sellers of the bonds. I have not details of this. No other commission was payable.

Printing, advertising, legal and other expenses involved in issuing the loan amounted to £19,022, making the total cost £194,022.

Would the Minister not agree that the commission was rather high?

It was the lowest rate normally payable on the issue of national bonds.