asked the Minister for Transport and Power what percentage of the current CIE loan is to be spent on (a) locomotives (b) carriages and (c) wagons.
Ceisteanna—Questions. Oral Answers. - CIE Loan Expenditure.
24.
CIE requirements of locomotives, carriages and wagons will be financed from depreciation and other funds as well as from the stock issue. The appropriation of expenditure each year to capital additions and renewals respectively is carried out post facto and therefore the precise percentage of the current stock issue which will ultimately be applied to the purchase of locomotives, carriages and wagons respectively could not now be stated.
May I take it the Minister does not know what percentage of the £2 million he is seeking is to be spent on locomotives?
The Deputy misunderstands the financial operation of CIE completely. It operates from year to year with depreciation funds available to it as a result of its current financial operation. It operates each year also by making use of the subsidy voted to it by this House. In addition, it borrows money and it would be ridiculous to ask CIE to indicate what any one part of the total monetary contribution to its capital development programme would be devoted to.
May I ask the Minister whether the £2 million he is looking for is to be spent on these 37 locomotives or not?
The Deputy knows that a considerable part of the expenditure comes from borrowing.
If I knew, I would not ask for the information.