asked the Minister for Finance if he will state the value of the external assets of Eire held by (a) banks, (b) Government Departments and (c) (estimated) other persons or bodies, and if he will state, in respect of each of above groups, the extent to which such external assets are represented by sterling or sterling securities.
Ceisteanna.—Questions. Oral Answers. - Value of External Assets.
So far as official sources of information are concerned, the best material available was given in paragraphs 131 and 162 of the Report of the Banking Commission dated 23rd March, 1938. Subsequent changes, so far as ascertainable, have been given in the tables relating to the balance of international payments published annually in the Irish Trade Journal. The latest such return was given in the issue of September, 1940. The inward or credit movements (exports) amounted to £12,078,000 in 1937, £16,082,000 in 1938, and £10,316,000 in 1939, while the outward or debit movements (imports) amounted to £9,593,000 in 1937, £18,051,000 in 1938, and £9,986,000 in 1939. As pointed out in various articles in the Irish Trade Journal, extreme caution is necessary in the handling of these figures in view of the diverse character of the influences affecting them.
Does the Minister appreciate that these figures were set out in respect of a given date in the Banking Commission's Report, although, or course, it was observed that they were tentative and estimated? Has any attempt been made to make corresponding, tentative estimates for these figures on the same date for each year since the Banking Commission Report was published?
Since the year before the Report of the Banking Commission was published—1937—there has been set out each year in the Irish Trade Journal a very long and elaborate table giving, I think, all the figures it was possible to give in relation to this matter.
Is the Minister not in a position to give any estimate in the form of a simple figure under (a), (b), and (c) in this question?
The (a) figure is published quarterly, I think, by the Currency Commission. It would be possible to give a figure with regard to (b). As regards (c), no effort has been made to get an accurate figure.
What is asked for is an estimated figure.
Even an estimated figure would be very difficult to get. It would necessitate prolonged and elaborate inquiry.
Does not the Minister think that, in the circumstances in which we find ourselves at present, the result of that inquiry would be eminently worth the trouble taken to make it? Our whole economic future depends upon it. If the question is repeated after a reasonable lapse of time, will the Minister consider making the information available?
I shall consider that but I could not possibly promise the Deputy that, in a reasonable space of time, I would be able to get the estimate he suggests. I do not say that an effort will not be made.
It appears to be information that the Minister should have for his own guidance.