asked the Minister for Finance if he will give details of Ireland's external borrowings in Deutschmarks since the beginning of 1977; and if he will state in respect of each loan (a) the amount in Deutschemarks, (b) the amount in Irish pounds and (c) the rate of interest.

The answer is in the form of a tabular statement which I propose to circulate in the Official Report.

The statement shows the amount of Exchequer borrowings in Deutschemarks, their equivalent in Irish pounds at date of drawdown and the rate of interest. In the case of floating interest rate loans, the highest and lowest applicable interest rate margins over the Eurocurrency interbank rate are indicated.

Following is the statement:

Is it true that the rates of interest charged to the Irish Government on money borrowed in Deutschemarks is only a fraction of that charged to the ordinary borrower for agricultural or industrial purposes here? If moneys available to agriculture and industry were at the same rates as those paid by the Government, would the Minister not agree we would have a much lower rate of unemployment and much higher agricultural and industrial production?

As far as the interest rates are concerned, we have been fortunate for a number of years past in securing what are relatively favourable rates on international markets. For example, although I think this is dealt with in the statement, we compare favourably with the Eurocurrency inter-bank rate when we borrow for the kind of loans that the Deputy has mentioned. Those funds are needed for Exchequer borrowing requirements and it would not necessarily be the case that loans for other purposes would be available at the same rates of interest.