asked the Minister for Finance the exact amount of the debt due by the State as at 31 December 1977; and the cost of servicing such amount by way of interest charge in 1978.
Ceisteanna—Questions. Oral Answers. - State Debt.
8.
The national debt, excluding capitalised liabilities, at 31 December 1977 was £3,868,549,000. Capitalised liabilities at 31 December 1977 are estimated at £341 million, giving a total national debt of approximately £4,210 million. The estimated 1978 interest payments on the debt outstanding at 31 December 1977 are £394 million.
Would the Minister indicates what figure he expects to be obtaining on 31 December 1978, the corresponding figure at the end of this year?
In respect of the national debt?
Yes.
I would require notice of that question.
Could the Minister give an approximation at this stage? I accept that the Minister would not have the exact figures.
The Deputy could do the sum as I could, but we would have to be scrabbling around for the figure.
Would it be around £5 billion?
(Cavan-Monaghan): Will it be less?
Of course, it will be more.
Would around £5 billion be correct?
Perhaps Deputy Fitzpatrick at least, if not Deputy O'Keeffe, will be aware that the greatest increase in the national debt which ever occurred, occurred while he was in Government.
(Cavan-Monaghan): Any borrowing then was done on economic considerations not on political considerations.
If the figure is to be around £5 billion for the current year will that not be the greatest increase in the national debt ever seen in the history of the State?
We had to take the situation as we found it when we came into office but the Deputy will be aware that apart from what is being done this year the Government are committed to a substantial reduction in borrowing as a percentage of GNP next year and thereafter.
Question No. 9.
(Cavan-Monaghan): The manifesto is coming home to roost.