asked the Minister for Finance if his attention has been drawn to recent reports regarding the increase in credit permissible in the next twelve months indicated by the Central Bank to the Governor of the Bank of Ireland; and what is the amount of this increase.
Ceisteanna—Questions. Oral Answers. - Increase in Credit.
52.
I am aware of the advice on credit policy in the current year given by the Governor of the Central Bank to the Chairman of the Irish Banks Standing Committee.
As a general guideline the Central Bank has suggested that the aggregate amount of credit extended by the Associated Banks in the 12 months to April, 1969 might appropriately increase by about the same amount as in the year ended April, 1968. This would give an increase in credit of the order of £64 million.
Would the Minister give an assurance that the Government will not grab the lion's share of this credit and that it will be made available for the private sector?
If the Deputy had been following the various statements I have been making about this matter and the views I have given in the Budget Statement and elsewhere, he would not feel it necessary to ask that question.
The Minister will appreciate that, whatever the reasons, I am now asking him to give an assurance that the £64 million will be made available for the private sector. Is the answer to that "yes" or "no"?
It will not be made available. I have already given the House the details.
Would the Minister agree that that question is justified for a just society?
Would the Minister ensure that the work and money necessary in the private sector to maintain production, to expand production and to furnish employment will not be put in jeopardy by any plans which the Government or any other people may have?
Less houses?
That is probably the most ridiculous question I have heard for a long time.
No assurance is being given by the Government. We will have what we had before—a slow-down in a lot of sectors so that some people can pretend they are doing the devil and all.