asked the Minister for Finance if the maintenance of the present parity of the Irish pound within the EMS is Government policy; and, if so, the measures the Government propose to take to ensure the adequacy of the external reserves of the Central Bank for this purpose.

The Government have made it quite clear that it is our firm policy to maintain the parity of the Irish pound within the EMS. The external reserves are at an adequate level for this purpose. As at end November 1980 the reserves amounted to £1,165 million, an increase of £190 million since the end of last year. It is official policy to continue to maintain the reserves at an adequate level.

Is it not true that the reserves are now at two and a half months imports as against four months two years ago?

They are over two and a half months.

They are barely over it, and four months two and a half years ago. Does the Minister call that adequately maintaining the reserves?

The Central Bank and other independent commentators report that 2½ months' imports is adequate. There has been a significant improvement in the state of reserves and in the balance of payments.

Is it true that the reserves were four months' imports two years ago?

I was not asked about two years ago.

Is it not also true that the reason the reserves have improved recently is because of the extent of Government borrowing?

That is not true.

It is.

I have mentioned already——

Would the Minister like to develop that statement that it is not true?

I have already mentioned the growth in our exports and Deputy Dr. FitzGerald should know that there are a number of factors which influence the reserves, not just borrowing. As the Deputy will know the buoyancy in our exports to which I referred, which is running way ahead of what the Government originally anticipated, is making a major contribution in that area.

A final supplementary from Deputy FitzGerald.

Will the Minister say what has been the amount of foreign borrowing in the period in question, and what has been the improvement in the reserves? Will the Minister give us a straight answer?

I was not asked anything about ——

Could we have a straight answer just this once before the Minister goes?

——a period in question. There was no reference in this question to a period in question.

Question No. 29.

I was asked about the current position.

This stuff should be at the Minister's fingertips.

Is it not true that the ratio of reserves to borrowing is now one to one and two years ago it was two to two?

I have called Question No. 29.

I have allowed numerous supplementaries. I have called Question No. 29. Will the Minister please reply to Question No. 29?

Yesterday I came from the Finance Ministers' meeting of the EEC where it was agreed that the performance of the Irish Government and economy is exceptionally good. That is a fact.

Question No. 29.

Why did they say that they are seriously worried about our economy so?

The Exchequer borrowed £1,763 million from 1 June 1973 to 31 May 1977 and £3,075 million from 1 June 1977 to 30 September 1980. The Government proposals in relation to the level of future borrowing will be set out in the forthcoming 1981 Budget. If these borrowing figures were all expressed in the context of 1973 prices the results would be a borrowing from 1 June 1973 to 31 May 1977 of £1,339 million and a borrowing of £1,435 million from 1 June 1977 to 30 September 1980.