Exchequer borrowing and national debt

Summary

Haughey cites the Central Bank’s criticism of high borrowing and rising national debt. The Chair rules the matter outside the question, while the Taoiseach says borrowing’s share of GNP is lower than under Haughey’s predecessor.

Charles J. Haughey Mr. Haughey Fianna Fáil

The Taoiseach will note also that, in that same Central Bank Bulletin the following statement was made in regard to his term of office in 1983:

However, the absolute level of the Exchequer borrowing requirement remained high by both historical and international standards, again requiring large scale foreign borrowing. As a result national debt, both domestic and foreign, continued to increase at a rate far faster than the growth in national resources, ....

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Thomas J. Fitzpatrick An Ceann Comhairle Fine Gael

The Deputy should not raise matters like that on this question.

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Charles J. Haughey Mr. Haughey Fianna Fáil

Is the Taoiseach aware of that statement of the Central Bank and would he not now consider——

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Garrett Fitzgerald The Taoiseach Fine Gael

That level of borrowing, as referred to by the Central Bank Bulletin, is a 3 per cent lower share of GNP than was left by my predecessor. I would like to hear what the Deputy might have to say about that.

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