asked the Minister for Finance if he intends to seek assistance from the EEC under its financial facility for member states with substantive balance of payments deficits.
Ceisteanna—Questions. Oral Answers. - EEC Assistance.
11.
(Clare): I have no plans to seek such assistance.
How does our balance of payments situation compare with that of other member countries if our balance of payments deficit is approximatley twice as large as a proportion of our GNP as that of any other EEC country?
(Clare): The only two countries which ever availed of this facility were Italy and ourselves in 1976. I understand that in its revised form nobody has applied for the use of this facility for any purpose.
Is the Minister of State aware that the OECD forecast published this morning suggested that there would be no reduction in our balance of payments deficit next year on the levels of this year and that this raises the question of whether we may make use of this facility?
(Clare): The Government may consider it, but I cannot say at this stage whether they will, as the previous Government considered it at one stage. That was mentioned in the July budget speech, if I remember correctly. I cannot say whether they will or will not at this time.
The truth is that to get the money you have to put your house in order.