asked the Minister for Finance if he is satisfied with the terms negotiated in respect of the recent foreign loan; and if he considers that seven years is a very short period in which to repay £83 million.

(Cavan): It has been generally agreed in international financial circles that the terms negotiated for the £200 million dollar credit facility were very competitive indeed.

Though I would prefer longer term financing, this type of credit facility is the longest generally available in present market conditions. I would hope that as markets become more settled longer term finance will again be available.