This draft report is on the proposal for a Council Regulation to set up a European Export Bank. The general idea is that the European Community would set up its own export bank to operate alongside the very massive arrangements that America and Japan have for export credit. To some extent our draft report is more of academic than of any other interest, because our information is that since the idea of an export bank is not receiving any great support throughout the Community it may not become a reality.
European Export Bank.
Sections 1 and 2 agreed to.
We should adopt this draft report. It is the most important piece of business on our agenda. I will not bore Members with a lengthy lecture about the situation in the European Parliament on the liquidity of finances, nor will I give lectures about maintaining the Snake inside the tunnel. Unless we advance towards the conception of a Eurodollar we will lose credibility as a nine-member Community. Against this, we are arguing for a kind of liquidity based on the green £, and the Chairman, as an ex-Minister for Finance, knows what I am talking about. We are members of the league inside the Nine who are advocating the depreciation of hard currency inside the Nine. In these circumstances we are as a country behaving wrongly in this regard. We should accept the idea of a common European currency with, perhaps, all the unpleasant consequences that may accrue to us from that decision. In this case, speaking as somebody who is reputed to be anti-European, I think we are correct to endorse the idea of a common nine-member export bank.
The Confederation of Irish Industry argue that it would be beneficial. The proposed bank would deal more with long-term capital exports. To that extent it might not at first sight, appear to be of very great interest to us because we are not in the major capital goods exporting business to any extent. On the other hand the Confederation of Irish Industry feel that the existence of such a bank would be a good thing and could be of considerable benefit to Irish firms who might be engaging in joint ventures for the supply of capital goods. As Deputy Thornley says, from every point of view we should favour the establishment of this export bank. Our contribution to it would be relatively small. We can do nothing but gain from it.
Sections 3 and 4 agreed to.
Draft Report agreed to.
Ordered: To report accordingly.
Business suspended and resumed after Dáil Division.