asked the Minister for Finance if it is likely that it will be necessary to return to the international money market for further funds in the financial year 1966-67.
Ceisteanna—Questions. Oral Answers. - External Borrowing.
3.
As indicated in paragraph 19 of the publication, "Capital Budget, 1966", it will be necessary to raise further amounts abroad in order to supplement normal resources in financing the capital expenditure of 1966-67.
4.
asked the Minister for Finance the percentage allowed to the financial company who handled the Continental loan.
A commission of 2½ per cent of the nominal amount of the loan was paid to the two banks who handled the loan. From this they allowed 1½ per cent to underwriters and other sellers of the bonds.
The commission paid was at the lowest rate normally payable in the international bond market.
While it may be a figure reasonable in the international market for ordinary flotations, surely in the case of a flotation by a State, this was quite an extraordinary commission to allow—2½ per cent on £8 million.
As I have already said, it is the normal commission. In fact, it is low.
The blood was sucked from you in relation to the 2½ per cent.
Why could the Government not get it here, considering the ESB could get it in ten minutes?
That is a separate question.
It is a hard one to answer.