asked the Minister for Finance if he will state (a) the amount payable by him during the current year in respect of the Marshall Aid Loan; (b) to what agency of the United States Government the sum is to be paid; (c) the instrument or instruments under which it is due; (d) the total amount originally borrowed expressed in (i) dollars, and (ii) Irish currency at the date of such borrowings; and (e) the total amount, including interest, which will be ultimately paid expressed in (i) dollars, and (ii) Irish currency at the current rate of exchange for sterling.
Ceisteanna—Questions. Oral Answers. - Marshall Aid Loan.
The reply to the Deputy's question is as follows:—
(a) The amount payable during the current year in respect of Marshall Aid Loan, principal and interest, is $3,845,153.
(b) This sum is payable to the Export-Import Bank, Washington.
(c) Repayment is governed by Loan Agreements dated 28th October, 1948; 23rd February, 1949; 22nd December, 1949 and 30th June, 1950 between the Government of Ireland, acting through the Minister for Finance, and the Export-Import Bank of Washington. The Agreements were presented to both Houses of the Oireachtas.
(d) The amount borrowed was $128.20 million of which $46.79 million was converted at the pre-devaluation rate of $4.02 to the £1 approximately and $81.41 million at the post devaluation rate of $2.80 to the £1 approximately making a total of £40.70 million.
(e) On the assumption that no part of the principal will be repaid in advance of the due dates, the total amount, including interest, payable to the Export-Import Bank under the Agreements is $200.66 million the equivalent of which at the current exchange rate of $2.80 to the £1 is £71.66 million.