asked the Minister for Finance the number of foreign loans raised for the semi-State bodies since 1970; and the total of the sums borrowed and the estimated revenue loss as a result of the fall in value of the Irish pound.
Ceisteanna—Questions. Oral Answers. - Foreign Loans.
20.
The information requested by the Deputy is as follows:
154 foreign loans have been raised by semi-State bodies since 1970. The total amount borrowed was the equivalent of £1,162 million.
The realised loss by these bodies due to exchange rate changes on repayment of these loans was £40 million. At current exchange rates there would be a further unrealised loss, estimated at £86 million, on the loans still outstanding, but this would depend upon movements in exchange rates between now and the repayments of the loans affected.
A disgrace.
This is another example of what they call good management, good husbandry.
This is another disastrous manifestation of the Haughey Government. In the light of these great losses arising out of our disadvantaged position in respect of other currencies, does the Minister intend to turn to the great wealth there is in the country, the capital in the banks, and reverse the present policy of foreign borrowings by starting with a capital levy on the banks and the other great industrial institutions? Does he intend to start borrowing at home for a change? We cannot afford to continue to borrow abroad as we have been doing.
The Deputy seems to be obsessed with the Taoiseach. His question asked about the position from 1970 and there have been three Taoiseach since.
He has been senior Minister for 20 years.
The Deputy is talking about a period of 11 years. He should be a little more accurate.