Memorandum by the Department of the Taoiseach on Sterling Assets

• 1. Gross Sterling Assets of the Commercial Banks:

  September, 1939	-	£117.2 m.
  March, 1946	-	£258.2 m.

• 2. Net Sterling Assets of the Commercial Banks:

  September, 1939	-	£61.4 m.
  March, 1946	-	£153.3 m.

• 3. Sterling Assets of Central Bank:

  September, 1939	-	£8.1 m.
  March, 1946	-	£34.9 m.

• 4^*. Increase in net external assets of Éire, 1940-44 - £107.7m

  (As computed from the Balance of International Payments).

* In 1939, the value of the sterling assets was calculated roughly at £300 m. This calculation was based on a capitalisation of the income derived from the assets. Since the increase from 1940 to 1944 amounts to approximately £100 m., the total value of the assets at the end of 1944 would be approximately £400 m., and at the end of 1945, possibly £450 m.