TREASURY BILLS

3.28 p.m.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move,

That this Parliament, in accordance with section 2 of the Local Treasury Bills Act (Chapter 72) resolves that the Minister for Finance be authorised to borrow by the issue of Treasury Bills in Singapore a sum not exceeding Singapore three thousand million dollars.

Sir, on the 10th July, 1968, Parliament resolved, in accordance with section 2 of the Local Treasury Bills Act (Chapter 72), that the Minister be authorised to borrow by the issue of Treasury Bills in the Republic a sum not exceeding $1,000 million in amount.

The demand for Treasury Bills has been increasing rapidly over the last few months, and the present limit of $1,000 million is likely soon to be insufficient. There is apparently a large quantity of surplus funds which arc available for investment for short periods. It is also essential that in our efforts to make Singapore more of an international financial centre, banks, as well as other financial institutions, including Government statutory bodies, should be provided with a secure short-term investment outlet for such funds. The authority of Parliament is, therefore, requested to enable the Government to issue Treasury Bills up to an amount not exceeding $3,000 million

Sir, I beg to move.

Question put, and agreed to.

Resolved,

That this Parliament, in accordance with section 2 of the Local Treasury Bills Act (Chapter 72), resolves that the Minister for Finance be authorised to borrow by the issue of Treasury Bills in Singapore a sum not exceeding Singapore three thousand million dollars.