asked the Minister for Finance the amount of the gross State debt on 31st March, 1960, the service charges thereon, the estimated likely amount of such debt as at 31st March, 1961, and corresponding service charges; and if he will relate such gross debt to the present annual yield of taxation and to the national income (as stated and related in the Financial Statement of 3rd May, 1950).
Ceisteanna—Questions. Oral Answers. - Gross State Debt.
14.
The amount of the gross State debt on 31st March, 1960, was £423.8 million and the charges for service of debt in the financial year 1959-60 amounted to £23.9 million. The likely amount of such debt at 31st March, 1961, is estimated at £460 million and the charges for service of debt in the financial year 1960-61 are estimated at £26.5 million.
The figure of £423.8 million for the gross State debt at 31st March, 1960, is equivalent to somewhat more than three and a half years' yield of taxation at present rates or approximately four-fifths of the national income.