asked the Minister for Finance if he will ensure greater co-ordination of the foreign borrowings of our semi-State companies.

Existing procedures are effective in ensuring full co-ordination of the foreign borrowings of semi-State companies. Each semi-State company may borrow only with the approval of the relevant Minister and the Minister for Finance. Before such approval is given great care is taken in ensuring firstly, that the borrowing activities of the semi-State companies concerned, whether foreign or domestic, cannot conflict either with each other or with the Exchequer and, secondly, that the best possible terms are obtained in each case.

Would the Minister look at a suggestion which will entail a better co-ordination of the borrowings of the semi-State companies, whether a borrowing situation might be considered and, more particularly, whether companies that are earning foreign revenue might co-operate with those semi-State companies which are repaying loans in foreign exchange? Will the Minister look at a situation like that because I am not happy that the thing is co-ordinated to the best effect?

I appreciate the Deputy's concern about getting the best value for money in borrowing of this kind. As I said, I consider the existing arrangements for a co-ordination of borrowing of this kind to be effective. We have got a procedure which ensures that the semi-State companies, to the extent that they are borrowing abroad, get the best terms available. They have been known on occasion to get rather better terms than the Government get for particular types of borrowing owing to movement in the market. I do not think that bulk borrowing would necessarily get a better deal because that would lose us the advantages of tailoring the particular terms to the needs of the company in question.

Will the Minister carry out an inquiry in the Department into the position to satisfy himself that what he suspects is true is, in fact, true? From what I have seen the best co-ordination is not being applied and for that reason I am asking the Minister to have a look at it.

That matter is reviewed at frequent intervals throughout the year and I am satisfied that we have got the best possible terms for the semi-State bodies and, indeed, the Exchequer as a sovereign borrower.