Semi-State companies’ foreign borrowing
Brennan sought figures comparing semi-State companies’ foreign borrowing with total State borrowing and questioned an apparent recent acceleration and its lack of visibility in the Budget. The Minister referred him to the tabular statement and said the proportion was declining; the Ceann Comhairle discouraged supplementaries on tabular answers.
asked the Minister for Finance the foreign borrowing level of semi-State companies; the proportion this is of State foreign borrowing; and the comparative situation in 1970, 1975, 1980, 1982 and 1983.
Comment on this
As the reply is in the form of a tabular statement, I propose to circulate it in the Official Report.
Following is the statement:
*Figures for 1970 relate to the financial year 1970-71 (i.e. as at 31 March 1971).
Comment on this
Will the Minister say if the information contained in the tabular statement shows considerable acceleration of borrowing by State companies in the last year? Is he concerned about that acceleration? Is he now aware that semi-State companies account for £1.5 billion of the total borrowing of some £6 billion, and that they now account for 25 per cent of all foreign borrowing in the State? Is he satisfied with that situation? Will he confirm that it has accelerated considerably in 12 months?
Comment on this
My views on this are well known. I want to discourage as strongly as possible supplementaries on tabular statements. It is either a tabular statement answer or it is not. Those are my feelings.
Comment on this
Does the Minister share my concern at the rise? No doubt he has the tabular statement in front of him and a quick glance will show him that what I am suggesting is actually the situation and he should be concerned about it. An increasing proportion of State foreign borrowing is coming through semi-State companies. That to me is a matter of concern because it is not announced in the annual budget and the Minister should be concerned about it.