asked the Minister for Finance the amount of the national debt at the latest available date; and the cost of funding this amount for the year ending 31st December, 1975.
Ceisteanna—Questions. Oral Answers. - National Debt.
33.
The national debt as at 31st December, 1974 was £1,958 million. It is estimated that service charges on the national debt in the current year will amount to some £234 million of which £185 million represent interest charges.
Would the Minister's brief indicate the proportion of the national debt which is now repayable in a period of up to three years?
I am sorry, I do not have that information.
On what will the other £49 million be spent, apart from interest?
The other money is set aside to repay the debt.
34.
asked the Minister for Finance the total amount of money borrowed for (a) capital account and (b) current account in the current financial year; and the cost of funding the national debt in the current financial year.
The net total amount of money raised by the Exchequer by creation of debt in the period the 1st January, 1975, to the 30th June, 1975, was £247 million. Of this £156 million was used to finance capital issues and £91 million on current account; but it must be remembered that considerable fluctuations occur in the budgetary position from time to time due in the main to variations in timing of expenditure and receipts and that the level of borrowings used on current account varies from day to day.
It is estimated that the cost of servicing the national debt in the current financial year will amount to some £234 million, of which £185 million represents interest charges.
Would the Minister be prepared to indicate if the appalling state of the Exchequer returns at the moment would indicate that there will be a necessity for another budget this year?
That is a separate question.
The description "appalling" is not acceptable——
Will there be another budget this year?
——because it does not reflect the facts.
Will there be another budget?
That is another question.
That is not anticipated.