asked the Minister for Finance (1) the date of any decision in his Department to take into the Exchequer the interest subsidies of 1.6 million ECUs and 0.8 million ECUs; (2) the amount of these subsidies from each of two sources paid into the Exchequer each year since the subsidies became payable; and (3) the gross total to date.
Written Answers. - Interest Subsidies.
256.
(1) The interest subsidies referred to were part of the interest subsidies provided to Ireland in the years 1979-83 under EC measures designed to strengthen the economies of the less prosperous member states participating in the European Monetary System. The arrangements relating to all the subsidies for Ireland were made on the basis that the benefit of these subsidies would accrue to the Exchequer.
(2) The interest subsidies were paid on a capitalised basis i.e. their full value was paid over when the loans were borrowed. The capitalised subsidies received in respect of the two loans listed in the question were:
NCI: Bord na Móna IB: £1.08 million.
EIB: Bord na Móna IIB: £0.53 million.
The total of capitalised subsidies received by the Exchequer in respect of all loans is listed below for each year in which the subsidy arrangement applied:
|
£ |
|
|
1979 |
44,380,330 |
|
1980 |
45,529,582 |
|
1981 |
45,975,314 |
|
1982 |
50,287,864 |
|
1983 |
43,634,684 |
(3) The total of capitalised interest subsidies received was £229.8 million; of this total, £5.66 million related to loans to Bord na Móna.