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Dáil Éireann debate -
Wednesday, 2 Aug 1961

Vol. 191 No. 14

Ceisteanna—Questions. Oral Answers. - Economic Measures Following British Action.

10.

Mr. Ryan

asked the Minister for Finance whether, having regard to the high degree of unemployment here and other differences between the economy of this country and Britain, he will ensure that no steps corresponding to the recent British action are taken here to increase the bank rate or reduce consumption; and if he will take steps to freeze the flow of money from this country to Britain.

The Government are not considering any measures similar to those recently announced by the British Chancellor of the Exchequer.

I understand that, having considered the position arising from the increase in British bank deposit rates, the Irish Banks' Standing Committee have come to the conclusion that an increase in interest rates here is necessary in order to safeguard their deposits. A very early announcement on the matter may be expected.

There is in my opinion no case for interfering with the free transferability of funds between this country and Britain from which we derive many advantages.

Mr. Ryan

Is it not clear that the effect of the attitude the banks will adopt will be to increase the degree of unemployment here and reduce consumption? Does he not in those circumstances feel it incumbent upon him to take his courage in his hands to ensure we do not imitate Britain when our economic circumstances are entirely different?

I do not think it will have the effects the Deputy fears.

Mr. Ryan

If there is no greater unemployment there will be greater emigration: 250,000 in the last four years will mean 1,500,000 in the next four.

How many emigrants' tickets would £11,400 buy?

Might I ask whether the Tanáiste, who is so quick off the mark, would enquire from Deputy Briscoe how much the Deputy obtained from the sale of his Israeli Bonds in America and what commission he got on them?

(Interruptions.)

Mr. Ryan

He got £38,000.

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