asked the Minister for Finance whether he will give the Dáil an opportunity of considering the terms and the conditions as to repayment of any proposed foreign loan before the Government agrees to accept it.
Ceisteanna—Questions. Oral Answers - Conditions of Foreign Loan.
If any agreement for a foreign loan is such that Article 29, 5, 2º of the Constitution applies to it, the proposed agreement will, of course, be submitted to Dáil Eireann for approval. It is not yet clear whether the loan agreement to be made with the Export-Import Bank of Washington for the purposes of this country's participation in the European Recovery Programme will be of the kind referred to but, in any event, I shall be prepared to acquaint Dáil Eireann of the terms and conditions applicable to the proposed loan.
Will the Minister, as well as acquainting Dáil Éireann with the terms and conditions of the loan, consult and give an opportunity to the members of the Dáil to debate the terms upon which the loan is proposed to be negotiated?
I intended in the latter part of the reply to indicate that would be done. If I acquainted Dáil Éireann of the terms and conditions there would have to be a motion which would be open to debate.
Before the loan is accepted?
I could not say before the loan is accepted. There might be circumstances which would make the loan necessary or desirable at a time when Dáil Éireann is not in session and the Dáil could not be consulted beforehand.
Is the Minister aware that the Minister for External Affairs indicated that there might be a sum, or sums, ranging from £100,000,000 to £150,000,000 to be got from the United States, and that he indicated that he had grave doubts as to the wisdom of getting this undertaking to borrow such a vast sum? In view of the magnitude of the sum involved and the importance to the economy of the country of taking such a sum of money without being clear as to the terms of repayment, the Minister should indicate that he would consult the Dáil in the matter or, at least, give members an opportunity of criticising the terms and conditions of repayment of any such loan.
The general situation with regard to the terms of repayment has already been before the Dáil in recent discussion. There is no doubt with regard to it. There may be a relaxation of certain terms, but the most onerous terms were certainly disclosed to the Dáil.
By whom?
They were discussed under the recent discussion about the agreement.
The Minister for External affairs indicated that he regretted he had to ask the Dáil to discuss that particular agreement on very short notice. In view of its importance to the economy of the country and the difficulty of repayment of any dollar loan, big or small, that matter of £150,000,000 should be debated by the Dáil.
You are speaking of dollars?
Pounds.
There is no such sum as £150,000,000 of dollars.
That is what the Minister said. He said that under this agreement this country will, in effect, over a period of four years receive a sum ranging from £100,000,000 to £150,000,000.
That is over a period of four years and it is to be dealt with quarter by quarter.
But surely the Dáil should have an opportunity of debating such a matter as that.
The Deputy is apparently debating it now.