Ceisteanna—Questions. Oral Answers. - State Borrowing.
- Terms of 1978 borrowing 2 speeches
The Minister said borrowing dates, currencies and interest rates depend on changing market conditions; the Oireachtas has authorised him to set borrowing terms under the Finance Act 1970.
John Bruton, Pearse Wyse
- Projected national debt 2 speeches
The national debt was expected to reach about £5,000 million by the end of 1978, but future levels depend on budgetary policy and were not projected.
John Bruton, Pearse Wyse
- State bodies’ overseas borrowing 3 speeches
Overseas borrowing by State bodies was expected to make up about 45% of their estimated £137.8 million borrowing, excluding telephone capital; no general direction was issued, but individual proposals require the Finance Minister’s approval. The Ceann Comhairle announced that remaining questions would receive written replies unless Deputies requested otherwise.
John Bruton, Pearse Wyse, Joseph Brennan
andMr. P. Barry asked the Minister for Finance the date and likely rate of interest and currency of each additional borrowing to be made during 1978 and the arrangements, if any, whereby each such borrowing will be approved by the Oireachtas.
Comment on this
In the budget statement the Minister for Finance outlined the Government's policy in regard to the financing of the Exchequer borrowing requirement this year.
As borrowing on the domestic gilt market is ongoing throughout the year and as the timing and terms of specific borrowings, whether domestic or foreign, are subject to market conditions which can vary from day to day, it is not possible to supply the detailed information sought by the Deputies. Under section 54 of the Finance Act 1970 the Oireachtas has authorised the Minister for Finance to determine the terms and conditions under which borrowings take place.
35.
Comment on this
andMr. P. Barry asked the Minister for Finance if he has made any projection of the intended level of national debt in 1979, 1980 and 1981.
Comment on this
The level of the national debt at the end of 1978 is expected to be of the order of £5,000 million. Its level in future years will depend on budgetary policy in these years as determined by the Government and it would be premature to provide such projections at this stage.
36.
Comment on this
andMr. P. Barry asked the Minister for Finance the percentage of the estimated borrowing of £137.8 million in 1978 by State bodies and for telephone capital, which will be borrowed outside Ireland; and if he has given any direction on the matter to the State companies involved.
Comment on this
Borrowing from outside Ireland by State bodies in 1978 is expected to account for approximately 45 per cent of the estimated total borrowing of £137.8 million shown in Table 4 of the public capital programme 1978. That figure does not include any provision for borrowing outside Ireland for telephone capital. No direction on the matter has been given to the State companies involved. However, specific borrowing proposals of State bodies require the approval of the Minister for Finance.
