asked the Minister for Finance the conditions of the proposed World Bank loan towards community schools; the amount of the loan; and the terms of borrowing.
Ceisteanna—Questions. Oral Answers. - World Bank Loan.
41.
While an application has been made to the World Bank for a loan towards meeting part of the cost of a number of schools, including community schools, the bank has not so far agreed to grant such a loan. If the bank does agree, the conditions, amount and terms of the loan will be matters for negotiation.
Have we reached the stage where we cannot finance the erection of our own schools now?
No, Sir.
What is the foreign borrowing for?
Does the Deputy mean we should not borrow abroad? Is that what the question really means? We can finance our own schools, we have financed them and we will continue to finance them.
The Minister's party put up the sign "pawnbroker" in this city in 1951 when we were borrowing inside this country.
You could not pay and you could not raise the money.
That is not true. That is a discreditable statement.
You cannot pay now and you are finding it very, very hard to raise it.
Is that so?
(Interruptions.)
Was the application for a loan made specifically for schools?
Educational projects, primarily schools.
Therefore, the money is being borrowed abroad for schools.
You get more sympathy for schools.
Why was it specifically requested for schools?
Because borrowing from the World Bank must, of necessity, be related to a specific project.
So that is how you got around it, by saying it was for schools?
Would the Deputy prefer that we would not borrow from the World Bank? Is this the policy of the Labour Party, that we should not borrow from the World Bank? Let us be clear. Is the Deputy for or against borrowing from the World Bank?
We are against borrowing from abroad and you were against borrowing at home.
You could not get enough money from abroad and you had to get around it.
Have you given up beating your wife?
(Interruptions.)
Is it not a fact that Deputy Burke promised to stand on O'Connell Bridge and collect sixpences?
(Interruptions.)
Question No. 42 postponed.