National debt stabilisation measure
Noonan asked which debt-to-GNP measure the Minister would use when discussing the ESRI’s forecast, given possible accounting corrections. MacSharry deferred the answer to Noonan’s other questions.
(Limerick East): I am sure the Minister is aware of the report by the ESRI predicting stabilisation of the national debt at the end of 1989 based on certain assumptions. That report refers to the debt stabilising at 163 per cent of GNP and I should like the Minister to clarify now, or subsequently, the yardstick he intends to use when referring to this in the future. If the tables are corrected as a result of the Local Loans Fund Bill, 163 per cent of GNP falls down to something in the region of 140 per cent or 145 per cent. If the tables are corrected fully in accordance with the suggestions Deputy Bruton is making, the debt stabilises at about 135 per cent of GNP. We should all use the same yardstick when measuring progress. There are three different sets of figures now for debt-GNP stabilisation depending on whether we are looking at the traditional tables of account, those that have been modified and will be further modified by the Minister from I May when the Local Loans Fund Bill is implemented by order, and the full rationalisation that Deputy Bruton has talked about has effect. Will the Minister clarify the position so that we will all be using the same yardstick?
