asked the Taoiseach if he will explain how he calculated that there had been an increase last year in net external reserves when they are expressed in Appendix VII of the Central Bank Bulletin as being £230 million in May, 1964 and £236.9 million in December, 1963.
Ceisteanna—Questions. Oral Answers. - External Reserves.
2.
There was an increase last year of £5.2 million in the net external assets of the banking system and of departmental funds. In comparing net external assets for past years, it is usual to use the December figures.
The Deputy must be aware that, except for a slight fall of £.3 million in 1960, the external assets increased steadily from 1957 to 1964 inclusive, adding £59.1 million over those eight years. This year these assets have fallen each month in succession to the extent that they were reduced by £33.5 million between December, 1964 and May, 1965.
Perhaps the Taoiseach will be more careful in his wording the next time. His figures were right, but his wording wrong.