asked the Minister for Finance if he will state (1) when repayment of the principal of the Marshall Aid Loan will commence; (2) what the total payment for interest and sinking fund will amount to in that year; (3) what it will amount to ten years later, and (4) what the amount will be during the last three years of repayment.
Ceisteanna—Questions. Oral Answers. - Repayment of Marshall Aid Loan.
Repayment of the principal of the Marshall Aid Loan will commence on 30th June, 1956. Interest and sinking fund payments in the years specified by the Deputy and the equivalent in sterling converted at the current rate of exchange with the United States dollar ($2.80 to the £) are as follows:—
|
Financial Year |
Amount Payable |
Sterling Equivalent |
|
$ |
£ |
|
|
1956/57 |
3,845,188 |
1,373,281 |
|
1966/67 |
5,898,863 |
2,106,737 |
|
1981/82 |
9,611,625 |
3,432,723 |
|
1982/83 |
9,612,838 |
3,433,156 |
|
1983/84 |
9,454,400 |
3,376,571 |
Is it not correct to say that under the Central Fund Acts there is at present accumulating a reserve fund to amortise this loan; is it not also true that the £48,000,000 which was availed of by the Irish Government to borrow from the Counterpart Fund was available to the Irish Government at 2½ per cent. per annum as compared with 5 per cent. paid by the Minister on the £20,000,000 recently negotiated?
Perhaps the Deputy will await my reply to the next question.