asked the Taoiseach if he will state (a) in view of the deficits in the balance of payments for the years 1947, 1948, 1949 and 1950 amounting to £90,000,000, the estimated reduction in gross sterling assets held by Irish banks, the Irish Government and private interests over that period, and (b) in view of the estimated deficit of £65,000,000 in the balance of payments for the year 1951 the estimated reduction in gross sterling assets held by Irish banks, the Irish Government and private interests in that year.
Ceisteanna—Questions. Oral Answers. - Gross Sterling Assets.
I propose, with the permission of the Ceann Comhairle, to circulate in the Official Report a statement giving an analysis of the aggregate deficit on the capital account of the balance of payments for the years 1947-1950, on the lines indicated by the Deputy. A corresponding statement for the year 1951 is not yet available.
Following is the statement:—
ANALYSIS OF AGGREGATE DEFICIT ON BALANCE OF PAYMENTS, 1947-1950
|
Category |
Inward or Credit Movements |
Outward or Debit Movements |
|
£ million |
||
|
Increase in sterling holding of Government Funds |
— |
6.4 |
|
Increase in External Funds of the Central Bank |
— |
39.4 |
|
Decrease in net external assets of the commercial banks |
32.6 |
— |
|
Indebetedness to the Government of the United States of America under the European Recovery Programme |
36.9 |
— |
|
Grant from United States Government under European Recovery Programme |
1.1 |
— |
|
Decrease of net sterling holdings of Irish persons and concerns, together with increase in net sterling indebtedness incurred in respect of discounting of bills, loans and advances to Irish residents by external insurance and finance companies, change in the net deposits held by the commercial banks on behalf of their extern customers, extern subscriptions to public and private issues by companies, redemption of land bonds and purchases of real estate by externs, etc. |
64.1 |
— |
|
134.7 |
45.8 |
|
|
Net External Disinvestment |
88.9 |