asked the Minister for Finance if, in view of the precarious position of our sterling assets in the present economic crisis in England, he has considered any plans for the repatriation of these assets for investment in Irish capital projects or for their realisation in England in the provision of capital equipment for the development of home industries.
Ceisteanna—Questions. Oral Answers. - Irish Sterling Assets.
Capital investment in Ireland is considerably in excess of current savings and entails substantial liquidation of sterling investments, as shown by the deficit in the balance of payments. The realisation of sterling assets in 1947 is estimated at £30,000,000 and in 1948 at £20,000,000. Borrowing from the United States Government, which in itself reduces our net external assets, amounted to $51,034,644, equivalent to £18,234,800 at the present rate of exchange, at 30th September last. Capital expenditure by the State and local authorities has contributed largely to the realisation of external assets and is on the increase.
In view of the very precarious position of sterling, will the Minister not agree that a wait and see policy would be full of danger so far as this country's sterling assets abroad are concerned?
There is no wait and see policy being adopted at the moment.