Ceisteanna—Questions. Oral Answers. - Balance of Payments.Tuesday, 2 November 1971 |
Dáil Eireann Debate
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Mr. Hogan:
asked the Minister for Finance the balance of payments figure for 1969 and 1970; and the estimated figure for 1971.
Mr. E. Collins:
asked the Minister for Finance if he is aware that the import excess for the first nine months of 1971 has increased by £24 million and if this figure is taken in conjunction with the depressing reports of the tourist season, that there is the possibility [677] of a balance of payments crisis this year; and, if he will make a statement on the matter.
Mr. E. Collins:
asked the Minister for Finance the estimated deficit on the balance of payments for 1971; and, if he will make a statement on the matter.
Minister for Finance (Mr. Colley):
I propose, with your permission, a Cheann Comhairle, to take Questions Nos. 33, 34 and 35 together.
The balance of payments deficit on current account in 1969 was £69.1 million and in 1970 was £65.3 million. From such limited information as is at present available it is likely that the deficit in 1971 will be of the order of £75 million. If exceptional purchases of ships and aircraft are excluded, the balance of payments out-turn for 1971 is expected to be no greater than last year.
I indicated in my statement to the Dáil on Wednesday, 27th October, 1971, that there has been an improvement in the external trading position in recent months. I also stated that the deficit does not call for remedial action, although it must be watched carefully.
Dr. O'Donovan:
Why should the purchase of ships and aircraft be excluded?
Dr. FitzGerald:
Because it reduces the figure.
Dr. O'Donovan:
We do not build aircraft here and our shipyard, apparently, can no longer compete for the building of ships.
The Taoiseach:
From where did the Deputy get that information?
Dr. O'Donovan:
They were asked to quote for two ships and Upper Clyde was asked to quote for four.
The Taoiseach:
How can they not compete? Let the Deputy justify his statement. For goodness' sake do not be trying to undermine everything that is done in the country.
Dr. O'Donovan:
I am not trying to undermine anything.
[678]The Taoiseach:
Of course the Deputy is.
Dr. O'Donovan:
I have asked a question and I have not been answered. Why should ships and aircraft be excluded? Aircraft are not built in the country but we have a shipyard.
The Taoiseach:
That is not the question to which I am objecting. I am objecting to the Deputy sabotaging Irish industry.
Dr. FitzGerald:
Would the Minister give us the answer? Why are they excluded?
Mr. J. Brennan:
If Deputy O'Donovan and Deputy FitzGerald are not familiar with the reason for this—it is a long-standing practice—they should both go back to school.
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