asked the Minister for Finance if present high interest rates will affect future growth prospects.
Ceisteanna—Questions. Oral Answers. - Interest Rates.
3.
Mr. Kenny
There has been a general decline in the level of interest rates since I indicated, in my reply to a similar question from the Deputy on 7th March, 1974, that I was advised that the high interest rates then prevailing were unlikely to have any significant effect on future growth prospects.
Can the Parliamentary Secretary tell me why there is such a difference between the greatly reduced interest rates in England as distinct from the very gradually reducing interest rates here?
Mr. Kenny
It appears from the information I have that there is no such difference between England and Ireland.
Would I not be correct in saying that personal overdrafts here cost 15 per cent or more while in England they cost about 11 per cent?
Mr. Kenny
I could not answer that but if I made a guess as the Deputy did I would be just as near the mark.
The Deputy must have a very bad bank if he has got to pay that interest.
If the Deputy wishes to say that about the Chase Manhattan Bank that is fair enough.