asked the Minister for Finance the amount of (1) Govern-ment foreign borrowing in 1984; (2) planned Government foreign borrowing for 1985; and if he will provide comparable figures for 1983 and 1982.
34.
Written Answers. - Foreign Borrowing.
33.
asked the Minister for Finance if he has a target for foreign borrowing in 1985.
I propose to take Questions Nos. 33 and 34 together.
The total amount of foreign borrowing raised by the Government in the years 1982 to 1984 was as follows:
1982 — £1,589 million gross, £1,148 million net.
1983 — £1,167 million gross, £793 million net.
1984 — £1,969 million gross, £649 million net.
The 1984 gross figure includes £637 million raised to make early repayment of certain loans. I do not propose to discuss the Government's borrowing plans for 1985.
52.
asked the Minister for Finance the cost, in pound terms, of the appreciation of the US dollar in 1984 on Exchequer and total foreign debt; and if he will make a statement on the matter.
53.
asked the Minister for Finance (a) the amount of Exchequer foreign loans denominated in US dollars raised in 1983 and 1984 and the proportions which these represent of total Exchequer foreign borrowing in these years; and (b) the increase in the IR£ value of Ireland's Exchequer foreign debt attributable to the rise of the US dollar in 1983 and 1984.
54.
asked the Minister for Finance the amount of the Exchequer foreign debt denominated in Deutsche Mark in each of the years 1981, 1982, 1983 and 1984; and the proportion of total foreign debt each such amount represents in each year.
55.
asked the Minister for Finance the amount of the Exchequer foreign debt denominated in US dollars in each of the years 1981, 1982, 1983 and 1984; and the proportion of total Exchequer foreign debt each such amount represents in each year.
56.
asked the Minister for Finance the proportion of (1) Exchequer foreign debt and (2) total including semi-State foreign debt, which is denominated in US dollars in the years 1982, 1983 and 1984.
I propose to take Questions Nos. 52 to 56, inclusive together.
The appreciation of the US dollar in 1984 is estimated to have added approximately £410 million to the Exchequer's foreign debt when expressed in Irish pound terms. In 1983, the comparable figure was about £495 million. When account is taken of the semi-State sector foreign debt the total figure for 1984 was approximately £480 million. Any losses or gains due to changes in the dollar exchange rate would be realised only when the debt was paid off.
In so far as borrowing in dollars is concerned, in 1983 a total of $450 million gross was drawn down by the Exchequer. This represented 30 per cent of total gross Exchequer foreign borrowing in that year. The comparable figures for 1984 were $725 million gross and 34 per cent.
The proportion of Exchequer foreign debt held in US dollars and in Deutsche Marks in the years 1981 to 1984 was as follows:
|
End-Year |
US $ Denominated Debt |
Deutsche Mark Denominated Debt |
||
|
IR£m Value |
% of total Exchequer Foreign Debt |
IR£m Value |
% of total Exchequer Foreign Debt |
|
|
1981 |
1,173 |
31% |
1,753 |
46% |
|
1982 |
1,695 |
32% |
2,379 |
45% |
|
1983 |
2,721 |
39% |
2,449 |
35% |
|
1984 |
3,048 |
38% |
2,332 |
29% |
The combined proportion of Exchequer and semi-State foreign debt held in US dollars was 31 per cent in 1982, 37 per cent in 1983 and 37 per cent in 1984.