asked the Minister for Finance if present high interest rates will affect future growth prospects.

There has been a general decline in the level of interest rates since I indicated, in my reply to a similar question from the Deputy on 7th March, 1974, that I was advised that the high interest rates then prevailing were unlikely to have any significant effect on future growth prospects.

Can the Parliamentary Secretary tell me why there is such a difference between the greatly reduced interest rates in England as distinct from the very gradually reducing interest rates here?

It appears from the information I have that there is no such difference between England and Ireland.

Would I not be correct in saying that personal overdrafts here cost 15 per cent or more while in England they cost about 11 per cent?

I could not answer that but if I made a guess as the Deputy did I would be just as near the mark.

The Deputy must have a very bad bank if he has got to pay that interest.

If the Deputy wishes to say that about the Chase Manhattan Bank that is fair enough.