asked the Minister for Finance if he will indicate the outstanding foreign loans on 1 December 1982, specifying in each case the date on which it was negotiated and the details including term, amount, currency and interest rate in each case.
175.
Written Answers. - Foreign Loans.
174.
asked the Minister for Finance if he will indicate in respect of each current foreign loan the difference, if any, between the original interest rate and that attaching to each such loan at present; and the extra cost, if any, to the State of servicing any increased interest charges; and the saving, if any, arising from any reduced interest charges.
176.
asked the Minister for Finance if he will indicate the foreign borrowing undertaken by the Government since 1 December 1982, specifying in particular the amount of each such loan, the currency in which it was denominated and the interest rate on the date of commencement of the loan and at present.
I propose to take Questions Nos. 174, 175 and 176 together. The information is not available in the precise format requested by the Deputy. Published statistics on the foreign debt are available only on a quarterly basis. Therefore, in the reply, the debt outstanding is given as on 31 December 1982 instead of 1 December 1982.
Similarly, it is not the practice, nor would it be appropriate, to publish details of each floating rate bank credit. These are grouped together in the reply in the same way as they appear in the finance accounts. No information is publicly available on the maturity of these loans, their interest rates or margins and it is not proposed to change that practice.
On the question of calculating savings or extra costs arising from interest rate movements in respect of each loan, this does not of course arise in regard to fixed rate debt. In regard to floating rate debt, apart from the fact that no details of interest and margins are published, interest rates can vary constantly at a frequency ranging from one day to one year and it would not be a practical proposition to carry out the exercise requested. Instead, a yearly average floating interest rate is provided in respect of the main currencies borrowed, as well as the rates on 28 September 1984.
Part I of the reply lists the loans outstanding on 31 December 1982, the currencies in which they are held, their Irish pound values, and, in the case of each itemised fixed interest loan, its interest rate and maturity. Bank credits are shown in bulk.
Part II provides information in respect of loans drawn down between 31 December 1982 and 30 September 1984.
Part III provides an annual average floating interest rate for the major currencies borrowed as well as the rate on 28 September 1984.
Since the information requested, subject to the qualifications I have already indicated, is voluminous and statistical in nature, it is supplied in the form of a tabular statement which I propose to circulate in the Official Report.
STATEMENT
Part 1
Foreign Debt Outstanding at 31 December 1982
Fixed Rate Loans Outstanding at 31 December 1982
|
Original Currencies (millions) |
IR £m. |
Year of Final Maturity |
|
|
4¼% Swiss Franc Private Placement, 1979-85 |
SF 50 |
17.9 |
1985 |
|
Ireland 4½% Swiss Franc Loan, 1979-85 |
SF 50 |
17.9 |
1985 |
|
6% Swiss Franc Notes, 1980-85 |
SF 50 |
17.9 |
1985 |
|
7% Sterling/Deutsche Mark Bonds, 1979-88 |
DM 56.6 |
17.1 |
1988 |
|
7% Swiss Franc Notes, 1982-1988 |
SF 50 |
17.9 |
1988 |
|
7½% Deutsche Mark Bonds, 1979-87 |
DM 75 |
22.6 |
1987 |
|
Ireland 7½% Stock, 1981-83 |
Stg £5 |
5.8 |
1983 |
|
Ireland 8% Swiss Franc 50 million, 1982-1987 |
SF 50 |
17.9 |
1987 |
|
Ireland 8?% Deutsche Mark Bonds, 1980-88 |
DM 150 |
45.2 |
1988 |
|
Ireland $25 million 8¼% Bonds, 1989 |
$ 12 |
8.6 |
1989 |
|
8¼% Swiss Franc Private Placement, 1986-88 |
SF 100 |
35.9 |
1988 |
|
8?% Swiss Franc Notes 1981-86 |
SF 50 |
17.9 |
1986 |
|
Ireland 9% Dollar Bonds, 1985 |
$4.2 |
3.0 |
1985 |
|
9% Algemene Bank Nederland Loan |
DFL 50 |
13.6 |
1984 |
|
9% U.A.E. Dirham Bonds, 1984 |
UAE Dir 150 |
29.2 |
1984 |
|
9¼% Deutsche Mark Private Placement |
DM 60 |
18.1 |
1983 |
|
Ireland 9½% Belgian Franc Loan, 1974-84 |
BF 650 |
9.7 |
1984 |
|
9½% DM Public Bond Issue 1982-87 |
DM 100 |
30.1 |
1987 |
|
Ireland 9¾% Stock, 1991-96 |
Stg £20 |
23.1 |
1996 |
|
Ireland 9¾% EUA Bonds, 1974-84 |
EUA 12 |
8.3 |
1984 |
|
10?% DM Public Bond Issue Due 1986 |
DM 100 |
30.1 |
1986 |
|
12½% Dutch Guilder Private Placement, 1986-88 |
DFL 110 |
30.0 |
1988 |
|
$50 million 12¾% Bonds, 1988 |
$50 |
35.8 |
1988 |
|
Ireland US $75 million 16½% Bonds Due 1st November, 1988 |
$75 |
53.7 |
1988 |
|
US $30 million 8½% Fixed Rate Loan Due 1989 |
$30 |
21.5 |
1989 |
|
DFL 75 million 10½% Note Issue, 1982-1987 |
DFL 75 |
20.4 |
1987 |
|
DM 30 million 10% Fixed Rate Loan |
DM 30 |
9.0 |
1992 |
|
DM 60 million 10½% Fixed Rate Loan Due October, 1991 |
DM 60 |
18.1 |
1991 |
|
DM 60 million 10½% Long Term Fixed Rate Loan Due Nov., 1991 |
DM 60 |
18.1 |
1991 |
|
DM 60 million 10% Fixed Rate Loan |
DM 60 |
18.1 |
1992 |
|
DM 100 million 10% Fixed Rate Loan |
DM 100 |
30.1 |
1991 |
|
DM 100 million 9¾% Fixed Rate Loan Due 1992 |
DM 100 |
30.1 |
1992 |
|
DM 100 million 9.35% Fixed Rate Loan Due October, 1992 |
DM 100 |
30.1 |
1992 |
|
DM 100 million 4 year Credit |
DM 100 |
30.1 |
1986 |
|
Ireland Japanese 7.2% Yen Bonds 1977 |
Yen 15,000 |
45.8 |
1989 |
|
Ireland Japanese 8½% Yen Bonds, 1980 |
Yen 15,000 |
45.8 |
1992 |
|
Ireland Japanese 8½% Yen Bonds, 1981 |
Yen 15,000 |
45.8 |
1991 |
|
Yen 9½% Fixed Rate Loan Facility |
Yen 18,050 |
55.1 |
1991 |
|
Yen Fixed Rate 9.45% Loan Due 1992 |
Yen 13,835 |
42.2 |
1992 |
|
EEC Loans 7¼% |
DM 115.5 |
34.8 |
1983 |
|
World Bank Loans 7¼% |
$30 |
21.5 |
1993 |
|
Dollar 2½% Borrowings under United States Loan Agreements |
$9.3 |
6.6 |
1983 |
European Investment Bank Loans Outstanding at 31 December 1982
|
Original Currencies millions |
IR£ million |
|
|
$ |
$258.2 |
184.9 |
|
DM |
DM 666.6 |
200.8 |
|
SF |
SF 345.7 |
124.1 |
|
DFL |
DFL 347.4 |
94.7 |
|
Yen |
Yen 15,210.9 |
46.4 |
|
Aus Sch |
Aus Sch 386.1 |
16.5 |
|
ECU |
ECU 20.7 |
14.4 |
|
Stg £ |
Stg £8.8 |
10.2 |
|
LF |
LF 58.7 |
0.9 |
|
692.9 |
The interest rates on these loans range from 7.4% to 14.2%.
The final maturity dates for the loans range from 1986 to 2002.
Other Fixed Rate Loans Outstanding at 31 December 1982.
|
Currencies |
(million) |
IR£m |
|
$ |
84.7 |
60.7 |
|
DM |
252.1 |
75.9 |
|
SF |
200.0 |
71.8 |
|
Ku Din |
0.7 |
1.7 |
|
FF |
13.0 |
1.4 |
The interest rates on these loans range from 3% to 16½%.
The final maturity dates for these loans range from 1984 to 2005.
Floating Rate Notes Outstanding at 31 December 1982
|
Original Currencies (millions) |
IR £m. |
Year of Final Maturity |
|
|
$50 million Floating Rate Notes Due December 1986 |
$50 |
35.8 |
1986 |
|
$ 50 million Floating Rate Notes Due March, 1988 |
$50 |
35.8 |
1988 |
|
$50 million Floating Rate Notes, 1988 |
$50 |
35.8 |
1988 |
|
$50 million Floating Rate Notes, 1990 |
$50 |
35.8 |
1990 |
|
$50 million Floating Rate Notes Due July, 1992 |
$50 |
35.8 |
1992 |
|
$75 million Floating Rate Notes Due May, 1989-94 |
$75 |
53.7 |
1994 |
|
$100 million Floating Rate Notes Due July, 1988 |
$100 |
71.6 |
1988 |
|
$100 million Floating Rate Notes Due October 1988 |
$100 |
71.6 |
1988 |
|
$100 million Floating Rate Notes Due 1989 |
$100 |
71.6 |
1989 |
|
Sterling Floating Rate Notes Due 1993 |
Stg £10.1 |
11.6 |
1993 |
Revolving Credit Facilities and Bilateral Facilities outstanding at 31 December 1982, classified by currency and year undertaken.
|
Year Undertaken |
US$m IR£m |
DMm IR£m |
SFm IR£m |
Stg£m IR£m |
DFLm IR£m |
|||||
|
1978 |
248.3 |
177.8 |
27.7 |
8.3 |
— |
— |
— |
— |
— |
— |
|
1979 |
300.0 |
214.8 |
919.6 |
277.0 |
— |
— |
38.9 |
44.9 |
— |
— |
|
1980 |
100.0 |
71.6 |
448.3 |
135.0 |
128.1 |
46.0 |
22.2 |
25.6 |
— |
— |
|
1981 |
120.0 |
85.9 |
2,066.9 |
622.7 |
— |
— |
— |
— |
— |
— |
|
1982 |
420.0 |
300.8 |
2,249.3 |
677.6 |
— |
— |
120.0 |
138.5 |
180.6 |
49.2 |
|
Total |
1,188.3 |
850.9 |
5,711.8 |
1,720.6 |
128.1 |
46.0 |
181.1 |
209.0 |
180.6 |
49.2 |
The interest rates on the variable rate loans included above vary from margins of 1/16 % to ?% over the Eurocurrency rates.
The final maturity dates for the loans range from 1983 to 1994.
Part 2
Foreign Louns Drawndown 1983
|
Loans |
Foreign Currency (Millions |
IR£m Equivalent at Date of Drawdown |
||
|
9.45% Yen Fixed Rate Loan 1992 |
Yen |
13,835.0 |
42.4 |
|
|
8?% DM Public Bond Issue, 1991 |
DM |
150.0 |
45.0 |
|
|
12¾% ECU Public Bond Issue 1990 |
ECU |
30.0 |
20.7 |
|
|
12½% ECU Public Bond Issue 1991 |
ECU |
30.0 |
20.7 |
|
|
9% DM Fixed Rate Loan due 1990 |
DM |
100.0 |
30.2 |
|
|
8½% DM Public Bond Issue due 1990 |
DM |
150.0 |
45.0 |
|
|
8?% DM Private Placement 1983-90 |
DM |
75.0 |
22.6 |
|
|
8½% Ireland Japanese Yen Bonds 1983 |
Yen |
15,000.0 |
45.5 |
|
|
8.8% Yen Fixed Rate Loan Facility Nov. 1992. |
Yen |
6,587.0 |
21.3 |
|
|
8¼% DM Fixed Rate Loan due 1988 |
DM |
20.0 |
6.3 |
|
|
6½% Swiss Franc Bonds 1983-93 |
SF |
80.0 |
30.3 |
|
|
8½% DM Fixed Rate Loan due 1990 |
DM |
100.0 |
31.8 |
|
|
8?% DM Public Bonds Issue due 1991 |
DM |
150.0 |
47.6 |
|
|
12% Belgian Franc Fixed Rate Loan due 1993 |
BF |
496.2 |
7.7 |
|
|
Ireland 12½% Stock 2008 |
Stg |
12.5 |
15.7 |
|
|
6½% Swiss Franc Bonds, Nov. 1983-93 |
SF |
80.0 |
31.8 |
|
|
Revolving Credit Facilities and Other Bilateral Facilities: |
$ |
450.0 |
352.0 |
|
|
DM |
121.2 |
38.4 |
||
|
Yen |
15,000.0 |
47.6 |
||
|
DFL |
26.8 |
7.3 |
||
|
Lux Fr |
1,500.0 |
22.1 |
||
|
Sw Fr |
170.0 |
64.7 |
||
|
Fr Fr |
16.5 |
1.5 |
||
|
European Investment Bank Loans: |
Interest Rate % |
|||
|
Irish Roads V |
8.25 |
DM |
11.0 |
3.3 |
|
6.1 |
SF |
9.1 |
3.2 |
|
|
8.3 |
DFL |
10.1 |
2.8 |
|
|
9.1 |
Yen |
535.0 |
1.7 |
|
|
East/South East Water—E |
8.25 |
DM |
4.0 |
1.2 |
|
6.1 |
SF |
3.3 |
1.2 |
|
|
8.3 |
DFL |
3.7 |
1.0 |
|
|
9.1 |
Yen |
195.0 |
0.6 |
|
|
Irish Roads III—C |
8.25 |
DM |
7.0 |
2.1 |
|
6.1 |
SF |
5.8 |
2.1 |
|
|
8.3 |
DFL |
6.4 |
1.7 |
|
|
9.1 |
Yen |
341.0 |
1.0 |
|
|
Irish Industrial Factories III—Údarás na Gaeltachta |
8.25 |
DM |
2.5 |
0.8 |
|
6.1 |
SF |
1.1 |
0.4 |
|
|
8.1 |
DFL |
2.8 |
0.7 |
|
|
Irish Industrial Factories III—SFADCo |
8.1 |
DFL |
2.6 |
0.7 |
|
Irish Water I |
8.8 |
DM |
6.4 |
2.0 |
|
6.6 |
SF |
5.3 |
2.0 |
|
|
10.25 |
DFL |
7.1 |
2.0 |
|
|
8.9 |
Yen |
595.1 |
2.0 |
|
|
12.65 |
ECU |
2.8 |
2.0 |
|
|
Irish Roads IV |
8.6 |
DM |
10.4 |
3.3 |
|
10.0 |
DFL |
8.7 |
2.5 |
|
|
8.9 |
Yen |
970.0 |
3.4 |
|
|
12.4 |
Stg |
3.3 |
4.2 |
|
|
12.65 |
ECU |
4.6 |
3.3 |
|
|
Irish Telecommunications IX |
8.6 |
DM |
12.9 |
4.1 |
|
9.5 |
DFL |
14.4 |
4.1 |
|
|
8.9 |
Yen |
1,000.0 |
3.5 |
|
|
12.65 |
ECU |
2.8 |
2.0 |
1984 1 Jan. — 30 Sept. Foreign Loans Drawndown
|
Loans |
Foreign Currency (Millions) |
IR£ Equivalent at Date of Drawdown |
||
|
Floating Rate Notes due 1994 |
$ |
300 |
271.5 |
|
|
11?% ECU Public Bond Issue due 1990 |
ECU |
30 |
21.9 |
|
|
8¼% DM Private Placement 1983-91 |
DM |
100 |
32.2 |
|
|
Ireland 12½% Stock 2008 |
Stg |
37.5 |
46.1 |
|
|
Stg Floating Rate Notes due 1993 |
Stg |
50.0 |
63.0 |
|
|
Ireland 7.6% Japanese Yen Bonds, 1984 |
Yen |
15,000.0 |
55.8 |
|
|
11?% Sterling Bonds due 1994 |
Stg |
50.0 |
61.7 |
|
|
8?% DM Public Bond Issue due 1992 |
DM |
150.0 |
48.6 |
|
|
8¼% DM Fixed Rate Loan due 1992 |
DM |
100.0 |
32.5 |
|
|
6?% Swiss Franc Loan due 1993 |
SwFr |
50.0 |
19.3 |
|
|
7.9% Yen Fixed Rate Loan Facility due 1994 |
Yen |
10,168.9 |
38.5 |
|
|
Floating Rate Notes due 1999 |
$ |
300.0 |
290.6 |
|
|
Revolving Credit Facilities and |
||||
|
other Bilateral Facilities: |
$ |
115.0 |
101.3 |
|
|
Yen |
32,500.0 |
124.1 |
||
|
Stg |
241.0 |
289.9 |
||
|
FrFr |
6.8 |
0.7 |
||
|
European Investment Bank Loans: |
Interest Rates |
|||
|
NIHE Limerick A |
8.4% |
DM |
4.3 |
1.4 |
|
6.6% |
SF |
2.7 |
1.0 |
|
|
9.1% |
DFL |
4.9 |
1.4 |
|
|
11.9% |
£ Stg |
1.7 |
2.1 |
|
|
11.7% |
ECU |
1.4 |
1.1 |
|
|
Irish Roads V |
8.4% |
DM |
6.8 |
2.2 |
|
6.6% |
SF |
4.2 |
1.6 |
|
|
9.0% |
DFL |
7.7 |
2.2 |
|
|
11.9% |
£ Stg |
2.6 |
3.3 |
|
|
11.7% |
ECU |
2.3 |
1.7 |
|
|
Irish Forests II |
11.8% |
Stg |
27.6 |
33.8 |
|
Irish Roads III — D |
8.4% |
DM |
4.9 |
1.6 |
|
6.6% |
SF |
5.1 |
2.0 |
|
|
8.0% |
Yen |
310.0 |
1.2 |
|
|
11.8% |
£ Stg |
2.6 |
3.2 |
|
|
Irish Roads VI — A |
9.0% |
DM |
3.1 |
1.0 |
|
9.3% |
DFL |
5.2 |
1.5 |
|
|
6.85% |
SF |
3.8 |
1.5 |
|
|
8.0% |
Yen |
261.0 |
1.0 |
Note: The interest rates on the variable rate loans range from a margin of 1/20 % to ½% over Eurocurrency rates or equivalent.
Part 3
Interest Rates
3 Months LIBOR
|
Currency |
Average Rates % |
|||||||
|
1978 |
1979 |
1980 |
1981 |
1982 |
1983 |
1984 to end Sept. |
Rate on 28 Sept. 1984 |
|
|
$ |
8.85 |
12.09 |
14.19 |
16.78 |
13.16 |
9.61 |
11.15 |
11.44 |
|
DM |
3.48 |
6.25 |
8.73 |
11.89 |
8.52 |
5.43 |
5.76 |
5.88 |
|
Sterling |
10.80 |
13.65 |
16.34 |
14.32 |
11.98 |
9.59 |
9.62 |
10.81 |
|
SF |
0.86 |
2.25 |
5.63 |
9.29 |
5.09 |
4.07 |
4.89 |
4.31 |