asked the Taoiseach if he will arrange for the Central Statistics Office to publish monthly figures for the balance of payments at or about the same time as the monthly trade statistics are published.
Ceisteanna—Questions. Oral Answers. - Balance of Payments.
2.
Dún Laoghaire): In recent years the CSO have considerably accelerated the production of the annual balance of payments statement and have significantly improved the quality of the estimates.
In recognition of the need for sub-annual estimates of the balance of payments, a quarterly series was introduced by the Central Statistics Office in May 1985 after considerable exploratory work. Consideration of a monthly set of balance of payments estimates raises major practical problems both of data availability and quality sufficient to produce a consistent month-to-month set of estimates. The issue of providing the financial resources to produce a monthly series must also be faced. Only a limited number of countries publish monthly estimates and the evidence from their experience is that this would prove a costly and difficult exercise.
I should point out that the authorities in assessing developments in the external accounts and formulating policy in relation thereto are not reliant exclusively on the published balance of payments statement. A wide range of indicators of the evolution of the balance of payments is available to the authorities on an ongoing basis in advance of the CSO estimate. The trend of the official external reserves is a key element in this assessment and, as the Deputy will be aware, monthly reserves figures are published by the Central Bank.
Is the Minister aware that as a result of the absence of the publication of these figures on a regular basis all sorts of estimates are made, some of them widely exaggerating the position and some wildly understating the position? Is the Minister of State further aware that the quarterly figures published are published substantially in arrears and that so far as the public are concerned they are of limited use? In view of the fact that most other countries seem to be able to produce monthly figures for the balance of payments, which in the last resort are more important than the balance of trade, would he not think it advisable particularly in our circumstances of apparently large outflows both on the current and capital side that these figures be provided here and now?
(Dún Laoghaire): Within the next few issues the estimates will be produced within about eight weeks from the end of the quarter in question which is resonable. In the EC, only Germany produces a full balance of payments statement each month. Of course the CSO would respond if the policy-making department, the Department of Finance, felt it was necessary. It is important to take into account the cost factor and the availability of other information, plus the fact that any facts and figures produced should be as accurate as possible. There is no point in producing figures that, because of the inability to get other information, would not be extremely accurate. That is why it was felt that the issue of quarterly balance of payments statements was sufficient. As the Deputy is aware that started in May 1985.
If it is not possible to produce full balance of payments figures on a regular or monthly basis, could the CSO's or the Central Bank's estimate of the capital inflows or outflows be provided on a regular basis in view of the difficulties that have arisen in this regard, particularly over the past 12 months.
(Dún Laoghaire): That question is more appropriate to the Minister for Finance but I am prepared to take the matter up with the appropriate Minister at the request of the Deputy.
In support of Deputy O'Malley, will the Minister of State say if it is not a fact that the Department of Finance would have very good figures month-by-month? Does the Minister of State recall that on one occasion here the Taoiseach indicated to us that he has such monthly figures but because it was not the practice he would not disclose them? Will the Minister of State not agree that whereas a final and complete account of all transactions might not be available, key indicators could be given? The Central Bank certainly would have indicators available to them and the Department of Finance would have reliable figures on a month-by-month basis. It would be absurd to suggest that the Department of Finance did not know until five or six weeks after the end of the quarter the exact position in regard to the balance of payments. Are we not dealing simply with the reluctance of the Government and the CSO to publish the figures and not about their availability? Is it not a question that the figures are available
The Deputy is making a speech.
I am not making a speech. The figures are available to the Department of Finance, to the Central Bank and perhaps to others but it is a reluctance to disclose them that is the problem.
(Dún Laoghaire): I am sure the Deputy does not wish to denigrate the work of the Central Statistics Office——
Not at all—their political masters.
(Dún Laoghaire): The question table here applies to the Central Statistics Office. The monthly reserve figures are published by the Central Bank and this is a key element in the assessment. If Deputy Haughey has a question of a policy nature it would be more appropriate to table it to the Minister for Finance. If the CSO are requested to produce adequate figures or to carry out any survey they will endeavour to do so. Of course, they would advise on the wisdom of producing them at certain intervals but they will produce figures provided the cost of supplying those figures is met and their advice is taken, but it is really a question for the Department of Finance as to the figures that should or should not be disclosed.
Question No. 3.
Is the Taoiseach available to come into the House to discuss this matter?
We had all that before, Deputy, and we should not start this session with another instalment. I have no control over who answers the question. It is common practice for Ministers of State to answer questions.
(Dún Laoghaire): I can assure the Deputy that the quality of my reply is just as good.
I have no doubt about that but because the Taoiseach made this a major issue in his Ard Fheis address it is incumbent on him at least to come into the House to discuss this matter.
Deputy Fahey ——
Could I therefore ask ——
(Dún Laoghaire): The question relates purely to statistics.
——that this question remain on the Order Paper until such time as the Taoiseach comes to this House to discuss it? The Chair will agree this is a question of major importance——
We had all that before in the last session.
We will have it all again.
If the Minister wishes to answer the question now he can and if he wishes to postpone it he can do so.
I am asking that it be postponed.