asked the Minister for Finance the percentage of the national debt at the latest available date under the heading of foreign borrowing; the amount in IR£ under that heading; the percentage under the heading of house borrowing; and (d) the amount in IR£ under house borrowing.
Ceisteanna — Questions. Oral Answers. - National Debt Headings.
17.
(Clare): The information requested by the Deputy is as follows: (a) foreign debt — IR£4,200 million; (b) domestic debt — IR£6,800 million.
A Cheann Comhairle, what question was the Minister purporting to answer?
Question No. 17.
Well, Question No. 17 has a number of different headings to it. The answer did not seem to relate to these.
It asked for a percentage and the Minister quoted no percentage.
(Clare): The percentage of foreign debt is 38 per cent, and domestic debt, 62 per cent. The latest available date at which the data has been estimated is 31 March 1982.
Has the Minister got any comparative figures from which it would become evident whether or not there has been a very sharp rise in the proportion of foreign debt in the last few months?
(Clare): For this year or in comparison with previous years?
For this year, for the last three or four months.
Since the year started.
(Clare): I can give the percentage increase by comparison with previous years.
That would be something.
(Clare): It was 37 per cent for 1981, foreign percentage of national debt. Is that what the Deputy wanted?
Yes.
(Clare): That is at 31 December; 28 per cent for 1980; 24 per cent for 1979; 21 per cent for 1978 and 25 per cent for 1977.
So that it has been steadily rising over recent years and, I believe, particularly sharply again in the last few months? That is a statement with a question mark at the end of it and the Minister is invited, by my tone of voice, to answer it.
We cannot go by the tone of your voice, Deputy. I usually go by the English language — a question in the form: will the Minister and so on.
I am inviting the Minister to agree that that is so. Is it not the case that the proportion attributable to foreign debt has been rising steadily and steeply since 1977 and has risen particularly steeply this year?
(Clare): It has gone from 28 per cent to 37 per cent.
Exactly.
May I ask the Minister if he will say, without reference to the economic and social plan, if it is an object of Government policy now to reduce the proportion of foreign borrowing by the Government?
(Clare): Yes, it is.
Would the Minister agree and admit to the House that foreign borrowing as distinct from domestic borrowing is particularly detrimental in as much as the interest payments are gone out the window for good and are not recycled inside our economy as would be the case with interest on domestically-raised loans?
Question No. 18.
(Clare): I have already answered the question.