asked the Minister for Finance if any consideration was given to raising a loan from the Irish banks prior to the decision to raise it abroad.
Ceisteanna—Questions. Oral Answers. - Raising of Loan.
7.
The Capital Budget which was published last week indicates that, in addition to estimated normal resources, a residual amount of £66 million will require to be borrowed for the year 1972-73. As in recent years, a proportion of this will be raised from the Irish banking system.
Why was it decided to raise just £9 million?
This is the German loan. The decision on the £9 million was taken in the knowledge that at least that amount would be required to be raised in foreign borrowing.
Not from the Irish banks?
This is part of the money that will have to be borrowed abroad.
Could this not be raised from the Irish banks instead of incurring further debt abroad?
The Irish banks are putting up some of the money and some more will be borrowed abroad.