asked the Minister for Tourism and Transport the reason it was necessary to increase the allocation for currency exchange losses on certain Industrial Credit Corporation borrowings for tourism development by 92 per cent as specified in the Book of Estimates 1988; and if he will make a statement on the matter.
Written Answers. - ICI Exchange Losses.
38.
The increase in the allocation arises mainly as a result of the repayment in 1988 of principal amounts by the Industrial Credit Corporation (ICC) on borrowings under the working capital scheme for tourism.
Only interest payments were being made by the ICC up until this year. The exchange losses on these were largely covered by exchange risk premiums charged to borrowers.