asked the Minister for Finance the figures for (a) national debt, (b) borrowings of State-sponsored bodies and (c) local authority debt for the years ending December 1976, 1977, 1978, 1979 and the estimated figures for the year ending December 1980.
Ceisteanna—Questions. Oral Answers. - State Debt.
21.
As the reply is in the form of a tabular statement I propose, with the permission of the Ceann Comhairle, to circulate it with the Official Report.
Following is the statement:
|
Borrowings at end December |
|||||
|
1976 |
1977 |
1978 |
1979 |
1980 (Est.) |
|
|
£m |
£m |
£m |
£m |
£m |
|
|
(a) National Debt |
3,612 |
4,229 |
5,167 |
6,540 |
7,500 |
|
*(b) State-sponsored bodies (Commercial and industrial) |
606 |
745 |
1,014 |
1,322 |
1,733 |
|
*(c) Local Authorities |
43 |
44 |
48 (Est) |
52 (Est) |
55 (Est) |
|
*(d) Other Government Bodies |
9 |
13 |
14 |
17 |
16 |
|
*(e) Other Local Bodies |
35 |
30 |
29 |
29 |
29 |
*Note: Loans from the Exchequer, either direct or through the Local loans Fund are not included in these figures.
I should like the Minister to tell the House the figure for the national debt for 1980?
It is estimated that it will be £7,500 million.
Is the Minister concerned to be departing from the scene leaving such a huge crippling debt on the country, bearing in mind that it has doubled over the last three years?
No. I will give further details when I am replying to other questions which indicate that it has not doubled in terms of GNP, an important indicator. I will also give the purposes for which it is being used.
Noting that the Minister is not concerned about the figure I should like to know if he accepts that the figure has doubled over the last three years?
It has not doubled over the last three years and if the Deputy reads my reply he will see that.
Over the last three and a half years?
As Deputies are aware, it is not just the amount of borrowing but the purposes for which the money was required.
The current deficit?
In relation to the current deficit, if I had met just one-fifth of the demands from the other side of the House during the last 12 months the current deficit would be three times what it is now.
The deficit was arranged last February.
It was the Minister's budget that created the deficit.
If the Deputies opposite were consistent I could deal with them.
Will the Minister and Deputies allow Deputy L'Estrange to ask a supplementary?
Does the Minister agree that the national debt was £3,600 million in 1976 and that it is estimated it will now be £7,500 million? Does the Minister agree that in 1976-77, when the national debt was only half the present figure, he was talking about the country sinking deeper and deeper into debt and that he had an advertisement showing a pawnbroker's sign on it? What has happened since? The Minister has doubled the national debt and I should like to know if that is in order simply because Fianna Fáil borrowed the money?
The pawnbrokers have taken down the sign.
They are in charge.
Are they on the dole?
The Deputy's figures are wrong.
They are not. They are the figures the Minister used one month ago. Will the Minister tell the House the extent of the National debt in 1976?
22.
asked the Minister for Finance if he will indicate the size of the total (a) national debt and (b) foreign borrowings by the Government in relation to gross national product in 1930, 1940, 1950, 1960 and 1970 and each subsequent year.
As the reply is in the form of a tabular statement, I propose with the permission of the Ceann Comhairle, to circulate it with the Official Report.
The data requested are as follows:
|
Financial year ended1 |
Amount of National Debt |
As % of Gross National Product |
Foreign Borrowing |
As % of Gross National Product |
|
£m. |
£m. |
|||
|
31 March 1931 |
27.5 |
n.a.2 |
— |
— |
|
31 March 1941 |
48.2 |
n.a.2 |
— |
— |
|
31 March 1951 |
158.3 |
39.8 |
— |
— |
|
31 March 1961 |
427.3 |
66.0 |
— |
— |
|
31 March 1971 |
1,105.9 |
67.1 |
25 |
1.5 |
|
31 March 1972 |
1,251.4 |
66.6 |
17 |
0.9 |
|
31 March 1973 |
1,421.1 |
63.0 |
18 |
0.8 |
|
31 March 1974 |
1,622.2 |
60.0 |
40 |
1.5 |
|
31 December 1974 |
1,957.9 |
65.7 |
144 |
6.4 |
|
31 December 1975 |
2,743.8 |
74.1 |
249 |
6.7 |
|
31 December 1976 |
3,612.0 |
80.1 |
352 |
7.8 |
|
31 December 1977 |
4,228.6 |
79.2 |
181 |
3.4 |
|
31 December 1978 |
5,167.1 |
82.7 |
353 |
5.7 |
|
31 December 1979 |
6,540.1 |
90.8 |
459 |
6.4 |
1 National debt and foreign borrowing figures are not available on a calendar year basis prior to 1974. National Debt and foreign borrowings as a percentage of GNP in the prior years have been calculated using the GNP figure for the calender year immediately preceding the end of the financial year in question.
2 Gross national product figures are not available for 1930 and 1940.
3 For the transitional financial year April to December 1974 the percentage is calculated using foreign borrowing in that period and three-quarters of GNP for the calendar year 1974.