asked the Minister of Health what is the amount standing to the credit of the National Health Insurance Funds Investment Account; and whether such moneys can be used to meet the economies suggested in the Geddes Report, rather than make additional financial demands on individual societies, some of which are less fortunately placed than others?
I assume that the question refers to the total investments of National Health Insurance Fund moneys made by the National Debt Commissioners, in accordance with Section 54 of the 1911 Act. The amount in question is, approximately, £61,000,000. The hon. Member is doubtless aware that these moneys are held in trust on behalf of the individual approved societies and the various subsidiary funds and accounts of which the National Health Insurance Fund is constituted. There are no moneys in the fund which can be used for any other purposes than those of the individual societies and accounts of whose credits the fund is made up.
The average rate of interest earned on the investments of National Health Insurance Funds is at present, approximately, 5 per cent. Under the Regulations as to the investment of funds by the National Debt Commissioners under the National Health Insurance Acts, the balance of the interest earned on any securities held by them, over and above the sums required to be credited by way of interest allowed by the insurance departments to approved societies, the Deposit Contributors Fund, the Navy and Army Insurance Fund, and other funds and accounts, remains credited to the Income Account (in the books of the National Debt Commissioners) constituted under these Regulations, and is used to make good losses realised when any holding or part of a holding in any security purchased on account of National Health Insurance Funds by the National Debt Commissioners is sold or paid off.