Terms of 1978 borrowing
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.
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.