asked the Minister for Finance whether he has had formal or informal discussions with the commercial bank authorities, through the Central Bank or by direct means, on the character and volume of bank advances to be maintained in 1956 or on the amount of external investments regarded as essential; and, if so, with what result.
Ceisteanna—Questions. Oral Answers. - Bank Advances and External Investment.
The answer to the first part of the Deputy's question is in the negative. The second part does not, therefore, arise.
I should like to ask the Minister for Finance, through the Parliamentary Secretary, whether we may take it that the Minister for Finance has already indicated that he has taken certain action or conveyed certain views to the commercial banks in regard to the rate of interest, but that he has decided for some reason known to himself definitely to divest himself of any authority and influence in regard to what are, in fact, matters of far greater importance, namely, the volume of credit restriction and also the amount of external assets avail able to the banks for trade? I should like to ask the Minister through the Parliamentary Secretary whether the Minister can state that he is consistent in so making this decision?
That is not the case at all.
The Deputy seems to be asking for an expression of opinion.
In any event it is not the case at all.
The Parliamentary Secretary has not answered my question. I have asked him whether we may take it that the Minister for Finance has imposed on himself an element of restraint which prevents him from either giving advice officially or unofficially, formally or informally, by hint or by general discussion, in regard to the level of net external investments, whereas at the same time it is already known that he has conveyed his views to the commercial banks in regard to the rate of interest?
That seems to the Chair to be a purely hypothetical question.
It is a different question, in any event, from the first supplementary question. The Deputy asked me whether the Minister for Finance had divested himself of responsibility. I said that was not the case at all.