asked the Minister for Finance if any information is available or likely to become available in the near future which would give a reliable indication as to the likely position of the balance of payments problem for the year 1970.
Ceisteanna—Questions. Oral Answers. - Balance of Payments.
28.
It is too early yet to make a forecast of the balance of payments position in 1970. An indication of the likely outturn will be given in my Department's publication reviewing developments in 1969 and prospects for 1970. This publication will be available in the early months of the new year.
Can the Minister tell us whether the balance of payments position next year will be roughly similar to this year's figure?
We have had a couple of different projections based on different assumptions but at the moment it appears the deficit will be as great if not greater.
Has the Minister any information from the Central Bank regarding 1970?
Does the Deputy mean in connection with our external deficit? We have had a number of discussions during the past few months with all the institutions involved, including the Central Bank, regarding the outlook for 1970 but at this stage they cannot be more than projections and have to be based on a number of assumptions which may or may not turn out to be valid.
Does the Minister not accept that the Central Bank has expressed grave concern about the situation in regard to our balance of payments, both for this year and next year?
I am fully aware of the Central Bank's views as I have regular discussions with the Central Bank authorities.
The Minister does not propose to take the Central Bank's remedy?
Not in this financial year.