asked the Minister for Finance (a) the total National Debt at 31st March, 1971, (b) the cost of servicing same, (c) the amount borrowed during the year ended 31st March, 1971, (d) where loans were floated and money was borrowed and (e) the interest paid in each case.
Ceisteanna—Questions. Oral Answers. - State Borrowing.
23.
The total National Debt at 31st March, 1971, was £1,106 million and the cost of servicing the debt was £101 million. The total amount of Exchequer borrowing during the year ended 31st March, 1971, was £118 million.
The details of the borrowing are in the form of a tabular statement which, I propose, with your permission, a Cheann Comhairle, to circulate with the Official Report.
Following is the statement:
|
Form of Borrowing |
Amount Borrowed |
Interest Rate |
|
£ million |
||
|
(a) Borrowed from Departmental Funds |
26 |
3½% to 9% |
|
(b),,through Small Savings |
2.2 |
4½% to 9% |
|
(c),,through Internal Stock Issues |
32.7 |
|
|
(i) 8% Exchequer Stock 1972 |
7.5 |
8% |
|
(ii) 8¾% Conversion Stock 1976 |
10.5 |
8¾% |
|
(iii) 9¾% National Loan 1984-1989 |
14.7 |
9¾% |
|
(d) Borrowed through Stock Issues on International Capital Market |
21 |
|
|
(i) 8½% Deutsche Mark Bearer Bonds 1970-85 |
11.2 |
8½% |
|
(ii) Ireland $25,000,000 8¼% Bonds 1989 |
9.8 |
8¼% |
|
(e) Borrowing from Associated Banks |
35 |
about7% |
|
(f) Miscellaneous Borrowing |
0.8 |
91/8% to 9½% |
Would the Minister not agree that in this country we are getting deeper and deeper into debt in spite of what the Government have said so often in the past about paying our way?
No.
The Minister should read some of the speeches made by Mr. Lemass in the past when the inter-Party Government were borrowing money.
Would the Minister mind telling us what is the increase in the income to the State from this borrowing of £118 million last year? My recollection is that it was £4 million. What did that £118 million cost? Did it cost £10 million a year?
Is the Deputy speaking about——
I asked the Minister a question.
The Deputy has asked a lot of questions that are not clear.
Let me start with one. The Minister tells us that he borrowed £118 million last year. What was the cost of servicing that £118 million? That is a simple question.
It is a separate question also.
What was the increase in the income of the State as a result of that borrowing?
That is a separate question.
We know from the Estimates of Receipts and Expenditure, about £4 million.