asked the Minister for Finance the present national debt; the interest on the debt for 1976; and the amount of capital and interest payments due in 1976.
Ceisteanna—Questions. Oral Answers. - National Debt.
30.
The national debt as at 31st December, 1975 is estimated at £2,660 million. Exchequer borrowing in 1976 is estimated at £679 million and the cost of interest on this amount will depend on the terms on which the money can be borrowed; it is likely, however, to be of the order of £80 million. Capital and interest payments due in 1976 are estimated at £59.7 million and £295.5 million respectively.
What was the figure for the 31st December, 1972?
I am sorry I have not got that figure because we operated in financial periods then. For the 31st March, 1973 it was £1,421 million.
The figure has doubled since this Government took office.
The world situation has changed very significantly. The advice from the International Monetary Fund, the OECD and other organisations of international repute was that a country in our economic and financial circumstances would be wise to resort to substantial borrowing to prevent the recession being worse.
Have the Government reached their limit for foreign borrowing?
No. The State's standing is very high indeed in both domestic and international money markets.
Is the Minister satisfied that not only the existing population but the population of the future will be capable of paying back this enormous debt which has virtually doubled in three years?
I am quite satisfied. Let me say that the debt would have quadrupled if we were to yield to all the demands for public expenditure which were made here today and which have been made on every other day by the Members opposite.
Have the other eight EEC countries indicated to the Minister that the £150 million recent loan which they are guaranteeing is the last that he may borrow in Europe for some time?
No.
Question No. 31.
Would the Minister agree, in relation to the figures he has given, that the amount of deficit for which he has budgeted this year roughly matches the amount of capital and interest repayments due this year? The Minister mentioned a figure of £59 million interest and £290 million capital.
That is true.
In actual fact we have budgeted not to repay it?
The Deputy is talking roughly.