asked the Minister for Lands if he will state the improvements of the position of land bond holders which he sought to make but which proved to be legally impossible to achieve; and if he will outline the various legal barriers involved.

The improvements of the position of land bond holders which I had in mind were principally acceptance at their nominal value for estate duty purposes and the issue of dividends without deduction of income tax. These proposals were thoroughly examined by the Department of Finance, the Revenue Commissioners and by my own Department. After long and careful consideration the conclusion reached was that the grant of these concessions would confer no material benefit on the original holders of the bonds, that is to say the owners of the land involved, and in the circumstances would not justify the cost to the Exchequer or the making of the statutory provisions which would be necessary.

Deputies will, of course, be aware that the current series of land bonds which offer the attractive interest rate of 9¾ per cent have maintained a firm position in the market since their creation.

Would the Minister not agree that a record has been kept of the original payees of these land bonds and that, therefore, it would have been possible to accept land bonds as payment in respect of the estates of those payees? Can the Minister say what are the legal barriers to which he referred?

What I said was that 80 per cent of the bonds are now in the possession of other people, mostly institutions—insurance companies et cetera—so that only a very small percentage of the original holders of bonds still have them. Clearly, it is possible to aid the 80 per cent who have disposed of the bonds.

Could something not be done for the 20 per cent who have the bonds still? It should be a simple matter.

We might have another look at that question because I would like something to be done in that regard.

At least the bonds might be accepted at par for death duty purposes.

This is worth examining.

The Minister referred to legal barriers. I would like him to tell me what are the legal barriers concerned? Perhaps he may be able to tell me the section of the particular Act he had in mind.

Perhaps I phrased it wrongly. What I was trying to say was that it is not possible to help the 80 per cent who have sold the bonds.

But there is no legal barrier to doing it.

It would not be possible to help since the bonds have been sold.

There is available a record of the original payees. Surely the Minister can ascertain to whom the land bonds were paid?

Yes.

Could the Minister not accept land bonds at par in respect of the estates of those persons?

I do not think this will be done.

Why not?

I am calling Question No. 27.