andMr. Allen asked the Minister for Agriculture and Fisheries the number of trawlers built through foreign loans; and the effect the devaluation of sterling is having on the repayments of loans by the fishermen.

Twenty eight fishing boats were purchased between 1966 and 1973 with the aid of non-sterling loan finance. The most recent half-yearly repayments due by fishermen in respect of 17 vessels still subject to such loans amounted to £89,842. These repayments would have been £62,284 at the rates of exchange which applied when the vessels were purchased.

This is more or less on the lines of the previous question. Would the Parliamentary Secretary accept that when fishermen concerned bought these boats they were told what their repayments would be and acted on that basis when they decided to go to Norway for the vessels but that in view of the change that has occurred in regard to repayments the Department should endeavour to have the period of repayments extended so that the annual repayments would not be more than those contracted for originally?

I accept that the fishermen did not anticipate the changes that were to take place in the currency situation but people in this House or elsewhere who might have much more knowledge of economics than have the fishermen could not have anticipated them either. Anybody who, a few years ago, could have anticipated such a major inflationary trend would be a millionaire now. I agree that these changes in currency rates have resulted in hardship for those fishermen who had bought their boats abroad but as I indicated in my reply to the supplementaries on the previous question, that is a business hazard. A number of the boats in question have been paid for. At this stage I cannot say whether there is any indication that Exchequer funds might be used to assist those who are suffering much hardship because of the changed situation.

Is it not reasonable to ask the Department to endeavour to have the period of repayments extended for those people who are experiencing difficulty?

The Deputy's suggestion is reasonable and is one that I would be prepared to have examined. I might ask An Bord Iascaigh Mhara to consider whether it would be possible to implement something of this nature because I agree that it is very difficult for the fishermen concerned to meet their increased repayments.

Should the Parliamentary Secretary get agreement on this, would he communicate with Deputy Gallagher and me on the matter?

Yes. There is the possibility of extending the time.