With your permission, a Cheann Comhairle, I will take Questions Nos. 12 and 13 together.
In order to continue its development programme in the current year the ESB needed to borrow some £10 million for a ten-year period at least. The ESB has continual contacts with the Irish banking system and having discussed the matter with various banks accepted an offer from an Irish bank, the Northern Bank Finance Corporation, to raise the £10 million. A sum of £4 million was raised from Irish sources and £6 million from cross-channel sources. The proposed agreement was made known to the Central Bank who will take it into account in setting out credit guide lines.
My approval to this borrowing was necessary and, in fact, I have given my guarantee to the payment of the interest and to the repayment of the loan. I am satisfied that the terms are favourable.
I have indicated my policy towards foreign borrowing in two recent questions by the Deputy. It is that following discussions with the Central Bank and the banking system it will be decided what amount should be borrowed externally and what amount will be invested by the Irish banking system in the public capital programme, these amounts to be consistent with the aim that the supply of money and credit to the private sector will be such as to give maximum support to output and employment.