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Dáil Éireann díospóireacht -
Thursday, 20 Jun 1974

Vol. 273 No. 9

Ceisteanna—Questions. Oral Answers. - Balance of Payments.

15.

asked the Minister for Finance the effect membership of the EEC has had on Ireland's balance of payments.

In order to quantify the effect on our balance of payments of membership of the EEC, it would be necessary to compare our experience since joining the Community with the situation which would have existed had we not joined. The Deputy will appreciate that there is no way of compiling accurate information on this latter aspect of the matter.

The detailed balance of payments statement for 1973 will not be available for some months. However, the following data give an indication of the position on current account since entry to the EEC.

So far as merchandise trade is concerned, Irish exports to EEC countries, including the UK, increased by £162.7 million or 32.7 per cent between 1972 and 1973. Imports increased by £235.6 million or 40.6 per cent. Exports to EEC countries, excluding the UK, rose by £81.4 million or 78.4 per cent while imports rose by £85.6 million or 56 per cent indicating a significant increase in trade with Continental member countries.

On the invisibles side of the account, Ireland benefited in 1973 from net receipts from EEC funds of approximately £31 million. Furthermore, it is expected that tourist revenue from Continental Europe will have shown an appreciable increase.

In addition to the movements on current account, EEC membership has contributed to the substantial capital inflows into this country.

Might I ask the Minister if, in view of the serious position of our balance of payments and adverse trade balance, the Government intend to apply to the EEC Commission for help towards redressing this balance? Has it been invited to do so?

The question of the steps to be taken by the EEC to assist countries in meeting their balance of payments difficulties is at present under discussion and no final plans have been drawn up.

Has it been recommended that we should apply?

I am well aware of our desire to receive assistance in this field. We have been most critical of those countries which, contrary to EEC recommendations, have engaged in beg-of-my neighbour policies.

Could the Minister indicate the extent of the capital inflow arising out of the EEC membership that he mentioned?

No. I am sorry; I have not the specific figures here.

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