asked the Minister for Finance the amount of the national debt on 31st March in each of the years 1951, 1957 and 1972; the cost of servicing the debt at each of these dates; and the amount of repayments to be made in each year from 1972 to 1980.
Ceisteanna—Questions. Oral Answers. - State Indebtedness.
23.
As the reply is in the form of a tabular statement, I propose, with your permission, a Cheann Comhairle, to circulate it with the Official Report.
Following is the statement:
|
Year |
National Debt at 31 March |
Service of Debt for year ending 31 March |
|
1951 |
£180 million |
£5 million |
|
1957 |
£385 million |
£20 million |
|
1972 |
£1,249 million |
£115 million |
Debt maturities in each year 1972-1980.
|
Year |
Amount£ million |
|
Short term indebtedness* |
260 |
|
1972 |
62 |
|
1973 |
86 |
|
1974 |
76 |
|
1975 |
64 |
|
1976 |
28 |
|
1977 |
22 |
|
1978 |
29 |
|
1979 |
7 |
|
1980 |
26 |
*Short term indebtedness consists of Exchequer Bills, Savings Certificates, Prize Bonds, Tax Reserve Certificates etc., which though unlikely to be redeemed are technically repayable at short notice.
24.
asked the Minister for Finance the total amount of public debt outstanding including the national debt and the debt of local authorities and semi-State bodies; and the cost of servicing this debt.
The national debt as at 31st March, 1972, was £1,249 million and the cost of servicing the debt in the year 1971-72 was £115 million.
Local authorities' debt as at 31st March, 1972, is estimated at £345 million of which £320 million is due to the State and therefore included also in the £1,249 million mentioned above. The cost of servicing the debt for the year 1971-72 is estimated at £24 million. Firm figures are not yet available.
Particulars of the debt of semi-State bodies are being given in replies to separate questions.
Is the Parliamentary Secretary aware that between what the Government and local authorities owe we have a debt of £1,500 million? Does he remember that in 1951 when it was less than a quarter of this his party stated that this country was being put in pawn although the Government were then borrowing money to build hospitals and houses? Would he not agree that we are sinking deeper and deeper into debt and that posterity will have to pay for the mistakes and the blundering of this Government?
I cannot agree with that at all. There has been a complete change in the outlook on and approach to economic progress, and in the last decade or so we have had a planned economy which has proved most successful.
Would the Parliamentary Secretary not admit that, on the figures given to me by the Taoiseach in the last month, the change in outlook and the planned economy have led to the position that there are 72,000 fewer people employed now in this State than there were in 1957?
(Interruptions.)
We know that happened in 1956-57.
Fianna Fáil policy has been a dismal failure. The people——
The people made their decision at the last general election.
(Interruptions.)