asked the Minister for Finance the total amount of national debt in 1956 and 1970; the cost of servicing the national debt in 1956 and 1970; the total borrowed by the State since 1956; and the reasons for such high borrowing.
Ceisteanna—Questions. Oral Answers. - National Debt.
13.
The National Debt is computed at the end of each financial year and includes, in addition to borrowings, the capitalised value of commitments under the Housing Acts and Land Acts. It amounted to £310 million at 31st March, 1956, and to £1,009 million at 31st March, 1970. The cost of servicing was £16.9 million in 1955-56 and £89 million in 1969-70. The amount of net State borrowing in the period 1st April, 1956, to 31st March, 1970, was £670 million. The borrowings were undertaken to finance Exchequer contribution to the annual capital budgets, including such items as housing and sanitary services, schools, industrial grants and agricultural credit and development.
Is it not true to say that more money was borrowed in the past 13 years than ever before in the history of the State? Is it not also true to say that this State is sinking deeper and deeper into debt, that we are now in the clutches of foreign moneylenders and that the Government and the country are floundering in the mess the Government created?
Is it a fact that in respect of a loan which was obtained abroad our State forests are mortgaged? Is that a fact?
We are dealing with Question No. 13.
Deputy Flanagan may be mistaken in this. In regard to any borrowing that is done by the State all of the assets of the State are the security for it.
What about State cars?
Deputies will appreciate, of course, as I have pointed out, that the borrowing in question covered such items as housing and sanitary services, schools, industrial grants and agricultural credit and development. I have no doubt that many people will be at least interested to hear that the Fine Gael Party are opposed to that kind of expenditure.
How did the Minister twist that out of it?