I move: "That the Bill be now read a Second Time".
This Bill is the annual statutory measure by which the Votes for the various Supply Services are formally appropriated. As Deputies are aware, it is normally passed through all Stages without Debate.
I would like, however, to direct the attention of Deputies to the fact that this year's Bill includes a section dealing with external borrowing. Deputies will recall that in September last the issue of a loan for 100 million Deutschemarks was successfully negotiated. It seemed to me prudent not to convert this loan into Irish currency immediately, as all indications were that the Deutschemark would be revalued upwards within a short period and I was anxious that the Exchequer should not lose as a result of that revaluation. I arranged, therefore, that the proceeds of the loan would be placed on deposit abroad, until the immediate question of the revaluation was settled. Events have justified this decision but at the time the Comptroller and Auditor General expressed the view that I was not entitled to take this action, and that conversion into Irish currency should be effected immediately. This amendment is intended to make it clear that the Minister for Finance may exercise his reasonable judgment as to when, in the interest of the Exchequer, it is appropriate that the proceeds of any external borrowing should be converted into Irish currency and paid into the Exchequer.