asked the Minister for Finance if he will state the total amount of State borrowing (a) in each of the years 1947-48 to 1951-52, inclusive; (b) in the years 1932-33 to 1947-48, inclusive, and (c) in the years 1923-24 to 1931-32, inclusive.
Ceisteanna—Questions. Oral Answers. - State Borrowings.
The net amounts borrowed for Exchequer purposes in the years mentioned by the Deputy were as follows:—
|
£ |
|
|
(a) 1947/48 |
5,004,500 |
|
1948/49 |
8,951,500 |
|
1949/50 |
20,539,000 |
|
1950/51 |
21,686,000 |
|
1951/52 |
38,938,900 |
|
(b) 1932/33 to 1947/48, inclusive |
51,316,400 |
|
(c) 1923/24 to 1931/32, inclusive |
29,326,800 |
The figures for the period 1932-33 to 1947-48 include the following loans raised for special purposes:—
|
£10,000,000 |
3¼% Financial Agreement Loan. This Loan was issued in May, 1938, to pro- vide the funds required for the settle- ment of the dispute which arose out of the Secret Financial Agreement of 1923. |
|
£7,000,000 |
4% Exchequer Bonds. This issue was made in December, 1939, for the purpose of meeting the abnormal expenditure on national defence neces- sitated by the outbreak of war in Europe in September, 1939. |
|
£7,920,000 |
3¼% National Security Loan issued in November, 1941, to provide further funds for national defence. |
These abnormal items totalled £24,920,000. In addition to the moneys raised by the afore-mentioned loans, a sum of £8,850,000 was raised by Ways and Means Advances over the period from 1940-41 to 1946-47 inclusive. Much of this was required to meet abnormal expenditure arising out of the special difficulties created for us by the second world war. Making allowance for these special items, it may be said that, over the whole period from 1932-33 to 1947-48 inclusive, the amount borrowed by the then Government for the normal purposes for which borrowing would be legitimato did not exceed £22,000,000 or £23,000,000.