Dáil Éireann díospóireacht -
Wednesday, 6 Jun 1990

Vol. 399 No. 7

Written Answers. - Foreign Borrowing.

Pat Rabbitte

Ceist:

88 Mr. Rabbitte asked the Minister for Industry and Commerce if, in view of the figures given in the Book of Estimates, showing that the Exchequer wrote off £14.1 million in 1989 and £7.9 million in 1990 in currency exchange losses on foreign borrowing by the ICC, he will indicate if it is intended to continue with this subsidy in the event of the privatisation of the ICC; if he will give an assurance that ICC's accounts reflect this subsidy; and if he will make a statement on the matter.

Minister for Industry and Commerce (Mr. O'Malley)

The curency exchange losses in question refer to foreign currency loan schemes operated by ICC in respect of which the exchange rate risk has been covered by the Exchequer. The losses are reflected in ICC's annual accounts which are laid before the Houses of the Oireachtas each year by the Minister for Finance. The schemes in question are, in fact, due to expire over the next few years. Some have already terminated and most of the remainder will have done so by the end of 1992. This will be the case whether or not there is any change in the status of ICC which is, in the first instance, a matter for the Minister for Finance.